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Ascott, the wholly owned serviced residence business unit of CapitaLand, has secured contracts to manage six properties with over 1,200 apartments in China.
The new properties cement Ascott’s presence in Shenzhen, Changsha, Wuhan and Tianjin, while expanding its footprint in Xuzhou and Handan.
Of the six new serviced residences, Citadines Sunhope e-Metro Shenzhen, which is Ascott’s biggest property in China, is expected to open this year. Tujia Somerset Jundu Tianjin and Citadines Qingshan SCPG Centre Wuhan (pictured) are slated to open in 2018, while Citadines Yunlong Lake Xuzhou, Tujia Somerset Congtai Handan and Ascott Xiangjiang FFC Changsha will commence operations from 2019.
Ascott’s Managing Director for China, Tan Tze Shang, noted that Ascott’s strategic investment in Tujia has spurred the company’s growth in China, which is its fastest growing and largest market.
“Our bookings in China have increased through Tujia’s website and we will be able to cater to the rapidly growing outbound Chinese travellers with the listing of our properties worldwide on the website by the first half of this year. Since the launch of our Tujia Somerset brand last year to tap on the booming middle-class segment, we have secured 11 properties and surpassed our 2016 target of 2,000 units under this brand.”
With more than 17,300 units in 96 properties across 27 Chinese cities, Ascott is looking to manage 20,000 units in China by 2020.
This will be done by expanding its “management and franchise business through our established Ascott, Citadines and Somerset brands, Tujia Somerset, as well as our newly unveiled lyf brand designed for and managed by millennials”, said Tan.
“We will also look out for investment opportunities in the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen, as well as in provincial capitals like Wuhan and Hangzhou.”
Image source: The Ascott Limited
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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