Ascott forms JV with Huazhu Hotels, CJIA

Singapore

CAPITALAND'S serviced residence arm, The Ascott, is setting up a joint venture with Nasdaq-listed Huazhu Hotels Group and apartment rental firm CJIA Apartments Group to expand its Citadines brand in China.

With a market capitalisation of US$10.4 billion, Huazhu has the third largest market share in China's midscale hotel segment with a total portfolio of over 380,000 hotel rooms.