Ascott opens two new serviced residence apartments in China

CapitaLand unit, Ascott, has opened two new serviced residence apartments in China.

Somerset JieFangBei is in Chongqing, while Somerset Garden City is located in Shenzhen. The properties are Ascott’s first in each city.

Ascott now has 26 properties in 12 cities across China, making it the largest international serviced residence owner and operator in the country.

Ascott CEO Lim Ming Yan said the addition of the two new properties signals the firm’s confidence in the Chinese market.

The company plans to open seven more properties in China by 2010.

Source : Channel NewsAsia – 1 July 2009

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