Ascott opens 3 serviced apartments in China

The Ascott has opened three new properties in China, targeting to operate 12,000 apartment units there by 2015.

The 605 new units in three cities of Tianjin, Wuhan and Xi’an will bring to more than 6,300 the number of apartments Ascott has in 34 properties across 15 cities in China.

Ascott said the expansion strategy is underlined by China’s rapid development and high foreign investment, which are making the country a top business and leisure destination.

The group’s most recent acquisition is the 105-unit Somerset International Building Tianjin, which occupies 10 floors of the landmark 37-storey Tianjin International Building. This tower is in the heart of Tianjin’s central business district.

Ascott also snapped up Citadines Zhuankou Wuhan in the Wuhan Economic and Technological Development Zone in Hanyang district.

Another purchase by Ascott was the Citadines Gaoxin Xi’an in the hub of the Hi-Tech Development Zone. It is close to commercial developments such as Pioneer Square and Sea Star Square.

Both Citadines properties are near retail, dining and entertainment venues.

Ascott’s managing director for North Asia, Mr Lee Chee Koon, said ‘Our first property in Wuhan and new properties in Tianjin and Xi’an reaffirm Ascott’s commitment to expand its business in the country.’

‘We plan to open two more properties in Shenzhen and Shenyang before the end of 2010. We will also continue to strengthen our presence in cities where we have properties and expand to other cities.’

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