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Ascott continues growth in China

The Ascott Limited has secured contracts to manage three more properties with over 300 apartment units in Beijing and Hong Kong.

The new properties will further strengthen Ascott's leadership position in China, with over 12,900 apartment units in 72 properties across 23 cities. Ascott is growing its presence in Beijing by securing the 208-unit Citadines Fangshan Beijing and 70-unit Changyang World Serviced Residence Beijing through its strategic alliance formed with Vanke last year. The two properties in Beijing are slated to open in 2018. Ascott also plans to open its fifth property in Hong Kong - the 92-unit Hotel Pravo Hong Kong in March 2015.

Mr Kevin Goh, Ascott's Managing Director for North Asia, said: "Ascott has been growing rapidly in China at an annual growth rate of 25% in 2014. Through management contracts, investments and strategic alliances, we have more than doubled the number of apartment units in China within five years, and built a stronghold in the country with the largest market share. Last quarter alone, we secured five serviced residences with over 1,000 apartment units in four cities. The three new properties will bring us closer to Ascott's target of 20,000 apartment units in China by 2020."

The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has more than 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 8,000 units under development, making a total of more than 31,000 units in over 200 properties.

Also read:

  • Ascott Ascott now has 12,000 apartments in China
  • Citadines to enter the South Korean market in 2015

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