The tourist residences operator from Singapore announced that it has passed the key figure of 10,000 apartments in China.
For many years, China has been at the heart of the Ascott Limited development strategy. The group now announced having passed the key figure of 10,000 apartments in the destination in 56 establishments, thus being the largest international residences operator in the country.
The group expects to continue its development efforts in China over the coming years, and expects to grow portfolio to 12,000 apartments in the destination by 2015. Four establishments are already under development, for a total of 797 apartments: the Somerset IOC Hangzhou for 230 apartments, the Somerset Changbin Chongqing for 185 apartments, the Ascott Raffles City Shenzhen for 182 apartments, and Yantian Coast Serviced Residence Shenzhen for 200 apartments. All of these should be opening their doors by 2018.
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