FRASERS Hospitality plans to launch 10 more properties in China, and is on track to meeting its goal of 30 properties, with 7,000 units, in the mainland by 2019.
The expansion in China will be a significant contributor to its global expansion target of 30,000 units by 2019, the unit of Frasers Centrepoint said on Friday.
The 10 new properties will be located in key cities where it has an established presence - Tianjin, Wuxi, Chengdu, Shanghai and Shenzhen - as well as in new markets such as Nanchang, Dalian and Changsha.
Speaking at the official opening of Fraser Place Tianjin, Choe Peng Sum, chief executive officer of Frasers Hospitality, said that the group's growth strategy is very much parallel to that of China's plans to develop new infrastructure and master planned cities as they present tremendous growth opportunities.
"With the exponential growth that we have witnessed over the last 11 years - including the surge of domestic tourism from 744 million in 2000 to 3.6 billion in 2014, and 83.4 million to 128.5 million in international tourism for the same period alone - there is no question that China is, and will continue to be, an integral growth market for Frasers Hospitality," he said.
The new launches will be across three of its brand offerings: Gold-Standard Fraser serviced residences (Fraser Suites, Fraser Place, Fraser Residence), green-living concept Modena by Fraser serviced residences, and the urban-inspired, high-tech and intuitive Capri by Fraser hotel residence brand, with which Frasers Hospitality will be able to continue meeting the short to long-term accommodation demands of travellers to China.
Frasers Hospitality's global portfolio, including those in the pipeline, stands at 139 properties in more than 80 cities worldwide.