What is famous hotels in Shanghai?

I was in Shanghai the other day at the inauguration of a new hotel by the river called 'Grand Melia' I was THOROUGHLY impressed by the lavish interior decoration, the intricately decorated rooms, lobbies and attention to detail.

The plot alone next to the river would have cost tens of millions of dollars and then the building itself would have cost MUCH more.

I could not help but wonder how they (and other hotels and such buildings) are financed?