Ascott fast-tracks China expansion

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IN a bid to accelerate its expansion in mainland China, Ascott has partnered with Dongfu Investment Development – a real estate subsidiary of China’s largest state-owned construction and infrastructure builder, China State Construction Engineering Company.

Kevin Goh, Ascott’s managing director for North Asia, said: “Mainland China is Ascott’s largest market. We have recorded three consecutive years of expansive growth in the country with more than 2,000 units added year-on-year.”

He added that demand for quality serviced residences in mainland China is likely to grow, riding on the growing popularity of domestic travel especially to first and second tier cities.

Kicking off the Ascott-Dongfu Investment partnership is a management contract for the 148-unit Citadines Guoxitai Xi’an, slated to open in 2018.

This adds to Ascott’s portfolio of more than 14,000 units in 24 cities owned and operated by them in mainland China.

Ascott has further plans to leverage the partnership and expand in cities such as Shanghai and Jinan as it advances towards its target of 20,000 units in the country by 2020, Goh added.

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