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
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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.
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