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Ascott now has 12,000 apartments in China

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Published on 10/11/14 - Updated on 17/03/22

The Ascott Limited announced five new properties that will join its network for an additional 1,000 apartments in the cities of Yinchuan, Changsha, Shenyang and Xi'an.

The Ascott Limited is strengthening its presence on the Chinese market. The operator announced the signature of management contracts for the development of five new properties in the country. Representing close to 1,000 apartments, they will bring the total of units in the group's portfolio in China to close to 12,000.

Ascott is thus finding its way into the burgeoning cities of Yinchuan and Changsa, with 200 apartments in the Citadines Xingqing Yinchuan, 150 at the Somerset Kingqing Yinchuan, and 164 at the Somerset Riverside Changsa. the three properties should open their doors by 2018.

Moreover, Ascott plans to open its second property in the city of Shanyang in 2015: the residence Somerset Olympic Centre Shenyang with 330 apartments. Its fifth address in Xi'an will open by 2016: the Somerset Kindicheng Xi'an.

"China is Ascott fastest growing market. As the second largest economy worldwide, it offers many opportunities. Urbanization, the development of businesses and increased national wealth all contribute to a strong demand for residences," declared Lee Chee Koon, CEO Ascott.

Ascott currently operates 69 properties in 23 Chinese cities. It will surpass 12,000 apartments in 2015, the group has set a goal for 20,000 apartments by 2020.

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Ascott International

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