Ascott to expand with or 583 serviced residence units in China

Sunday, November 01, 2015 -

Citadines Gugeng Dalian_FacadeCapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), is expanding rapidly in China by inking four new management contracts for 583 serviced residence units.

Two of the properties are located in Shanghai and one each in Beijing and Dalian.

The addition of the new properties will further reinforce Ascott’s position as the largest international serviced residence owner-operator in China with over 14,300 units in 80 properties across 24 cities.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “China is Ascott’s largest market
with the most number of properties given the tremendous growth opportunities for serviced residences in the country. Chinese domestic travellers now take up 30 percent of our business in China.

In August, Ascott invested in International (Tujia), China’s largest online apartment sharing platform, to expand in the O2O (Offline-to-Online and Online-toOffline) business.

Our serviced residences in China under our three internationally recognised

brands – Ascott, Citadines and Somerset – are now available on Tujia’s website for booking, expanding our reach to more customers online.”

Mr Lee added: “This collaboration will also fuel our performance at properties beyond China as we plan to have our serviced residences outside China available on Tujia’s website in 2016.

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