Published On: Mon, Nov 2nd, 2015

Ascott and its new serviced residence units in Shanghai, Beijing and Dalian

Citadines Putuo Shanghai_FacadeCapitaLand’ wholly owned serviced residence business unit, The Ascott Limited (Ascott), is expanding 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 reinforce Ascott’s position for international serviced residence owner-operator in China.

The company operates 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-to- Offline) business.”

Ascott Beijing (opening 2016), Citadines Jinxiu Shanghai (opening 2019) and Citadines Putuo Shanghai (opening 2019) will boost Ascott’s portfolio to 11 properties in Beijing and seven properties in Shanghai

Ascott is also bringing its Citadines brand to Dalian, a major port city in northeast China, with the management of Citadines Gugeng Dalian (opening 2016). Located at Dalian Economic and Technological Development Zone, the new property will cater to the fast growing accommodation needs of the developing area. By introducing Citadines to the city where Ascott currently manages two Somerset-branded properties, it will

Mr Kevin Goh, Ascott’s Managing Director of North Asia, said: “Since Ascott entered China more than 15 years ago, we have built a strong reputation. This year, we have so far secured 14 management contracts for over 2,500 units in Beijing, Dalian, Hangzhou, Hong Kong, Nanjing, Nantong, Shanghai, Tianjin, Wuxi and Xiamen.”