areas around beijing road and High-sun square is better, you can take a metro diractly to the fair.and scenery there is beautiful,and safe, and close to night market.......

If you come to Canton fair, I think it's better you stay at Dong guan city, it is near Guang zhou, but you can get a good hotel price in Dong guan. after the fair ,you can enjoy and relax in Dong guan, it's worth to try.
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