CapitaLand’s Ascott boosts China expansion with four new contracts

The inked deals include 583 units in top-tier cities.

CapitaLand’s wholly owned serviced residence business unit further bolstered its presence in its largest market by securing four new management contracts in China.

According to a statement by Ascott, two of the properties are located in Shanghai, one in Beijing and another one in Dalian.

“The addition of the new properties will further reinforce Ascott’s position as the largest international serviced residence owner-operator in China with over 14,300 units in 80 properties across 24 cities,” the statement said.

According to Ascott’s CEO Lee Chee Koon, Chinese domestic travelers now take up 30% of their business in China.

“In August, Ascott invested in Tujia.com International (Tujia), China’s largest online apartment sharing platform, to expand in the O2O (Offline-to-Online and Online-to-Offline) business,” Lee said.

“Our serviced residences in China under our three internationally recognised brands – Ascott, Citadines and Somerset – are now available on Tujia’s website for booking, expanding our reach to more customers online,” Lee added.