Ascott forms alliance to deepen China presence
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Angela Tan
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Singapore
CAPITALAND'S serviced residence business unit, The Ascott, has formed a strategic alliance with Dongfu Investment Development Corporation as it deepens its presence in China.
The partnership will allow Ascott to have the first right to manage apartments currently under development and future projects to be built by Dongfu Investment - the real estate subsidiary of China State Construction Engineering Company (CSCEC), China's largest state-owned construction and infrastructure builder. CSCEC is ranked 37 among Fortune's global 500 companies with massive projects internationally from Singapore to United Arab Emirates and South America.
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