CLI, Frasers Hospitality don't see big hit to Shenzhen businesses from temporary lockdown
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CapitaLand Investment (CLI) and Frasers Hospitality don't expect major impact to their businesses in Shenzhen after a spike in Covid-19 cases prompted the Chinese government to implement a lockdown of China's tech hub.
CLI operates integrated development Raffles City Shenzhen - which features retail, office and hospitality components - as well as another office property and 2 lodging properties in the Chinese city. All in, there are 3 serviced apartments currently operating under the Ascott and Somerset brands. Four more serviced apartments are in the pipeline to open this year.
A spokesperson from CLI told The Business Times: "As CLI's presence in China is diversified across cities and asset classes, the impact of Shenzhen's temporary lockdown to our overall business is expected to be minimal. We are closely monitoring the situation, and looking after the health and safety of our tenants, guests and staff remains our top priority."
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