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The Ascott signs four new management contracts in China
CAPITALAND'S serviced residence arm, The Ascott, has inked four new management contracts in China for 583 serviced residence units, boosting its footprint in the country.
Two of the properties are located in Shanghai and one each are in Beijing and Dalian.
The move strengthens Ascott's position as the largest international serviced residence owner-operator in China with over 14,300 units in 80 properties.
Ascott's chief executive Lee Chee Koon said: "China is Ascott's largest market with the most number of properties given the tremendous growth opportunities for serviced residences in the country. Chinese domestic travellers now take up 30 per cent of our business in China."
In August, Ascott invested in Tujia.com International - China's largest online apartment sharing platform - to expand in the Offline-to-Online and Online-to-Offline business. Its serviced residences in China across its three brands - Ascott, Citadines and Somerset - are now available to more customers on Tujia's website.
Mr Lee added: "With the rapid increase in Chinese travellers overseas and Ascott's presence in many of the tourist and business cities worldwide, our penetration of the Chinese market is expected to contribute to Ascott's business globally."
Ascott Beijing launches in 2016, while Citadines Jinxiu Shanghai opens in 2019 and Citadines Putuo Shanghai opens its doors in 2019. Ascott is also bringing its Citadines brand to Dalian, a key port city in northeast China.