In Shanghai’s futuristic Lujiazui financial district, directly across the street from each other stand the two highest hotels in the world – and both are Hyatts.

One, the Grand Hyatt in the landmark Jin Mao tower, is half full and discounting rooms at about $200 (€145, £131) a night. The other, the newly opened Park Hyatt in the Shanghai World Financial Centre, has also slashed prices – and it will not even declare its occupancy rate. And just across the river is the Hyatt on the Bund, also no more than half full.