Ascott leads consortium to invest in China's apartment platform

CapitaLand, which has set up a technology council, says tie-up with Tujia.com International will boost digital offerings

Published Mon, Aug 3, 2015 · 09:50 PM

CapitaLand

Singapore

THE Ascott Limited, the wholly owned serviced residence arm of CapitaLand, is leading a consortium to invest US$50 million in Tujia.com International, China's largest and fastest growing online apartment sharing platform.

Ascott will also form a joint venture with Tujia with an initial capital of US$40 million. This joint venture led by Ascott will operate and franchise serviced apartments in China. It will also provide Ascott with a pipeline to expand its portfolio in China where it aims to reach 20,000 units by 2020.

"With the rapid increase in Chinese travellers overseas and Ascott's presence in many of the tourist and business cities worldwide, our penetration of the Chinese market through our pa…

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