Ascott targets 2,000 units under new Tujia Somerset brand by the end of 2016

Singapore

CAPITALAND'S wholly owned Ascott Limited is targeting 2,000 units under its newly unveiled Tujia Somerset brand of serviced residences catering to middle- class travellers in China.

Ascott's joint-venture company with Tujia.com International, China's largest online apartment sharing platform equivalent to Airbnb, has sealed contracts to manage six serviced residences to be operated under the Tujia Somerset brand, giving a significant boost of 1,005 units to Ascott's portfolio in China.

"Our aim is to have 2,000 units under Tujia Somerset by the end of 2016 and this will give us the added impetus to achieve Ascott's target of 20,000 units in China and 80,000 units globally by 2020," said Lee Chee Koon, Ascott's chief executive officer, at a ceremony to unveil the new brand in Shanghai on Frida…