FRASERS Hospitality is eyeing a bigger share of the China market with the addition of 10 more serviced residences in the second-tier cities of Tianjin, Nanchang, Hefei, Dalian, Kunming, Wuxi and Chengdu, and two more in the key cities of Shanghai and Shenzhen.
Following the openings of Modena Zhuankou Wuhan and Modena New District Wuxi last year, the securing of these new serviced residences involve the addition of more than 2,400 new apartment units, almost doubling Frasers’ China portfolio to 26 properties in 14 key cities and second-tier cities.
This makes China one of the fastest-growing markets for Frasers Hospitality, which together with South Korea and Japan, currently make up one-third of its total revenue.
Choe Peng Sum, CEO, Frasers Hospitality, said: “China’s second- and third-tier cities are key growth areas for us and we will continue to extend our footprint in burgeoning cities where foreign direct investment and tourism are expected to increase exponentially in the coming years.
“Demand for our serviced residences has remained strong, with consistent occupancy of at least 80 per cent since we first set foot in 2005 with Fraser Place Shekou Shenzhen, and economic conditions are ripe for the ambitious doubling of Frasers Hospitality’s footprint over the next five years.”
Frasers’ new additions in China will be across all of its three brands: Gold Standard serviced residences, Modena by Fraser serviced residences, and Capri by Fraser hotel residences.
