The Ascott Limited closes seven new contracts to manage 1,300 China apartments

PROPERTY giant CapitaLand's serviced residence unit The Ascott Limited said that it has clinched seven new contracts to manage over 1,300 apartments across six cities in China.

The properties mark the firm's first foray into Kunming and Yichang while deepening its presence in Chongqing, Dalian, Shenzhen and Xuzhou, Ascott said.

Of the seven new serviced residences, Tujia Somerset Garden City Chongqing is already operational while Ascott Yulian Plaza Dalian, Citadines Gaoke Liangjiang Chongqing, Citadines Three Gorges Yichang and Somerset Q Plex Shenzhen are slated to open in 2018. Citadines Dianchi Time Plaza Kunming and Tujia Somerset Yunlong Lake Xuzhou are expected to open in 2019.

CapitaLand last traded at S$3.55 at 9.10 am.