Ascott to manage 6 new properties in China

Ascott has secured contracts to manage another six properties with more than 1,200 apartments in China, the serviced residence operator announced in a media release on Thursday (Jan 19).

Two of the properties are in Handan and Xuzhou – two cities new to Ascott – and the rest in Changsha, Shenzhen, Tianjin and Wuhan.

Citadines Sunhope e-Metro Shenzhen is slated to open this year, while Citadines Qingshan SCPG Centre Wuhan and Tujia Somerset Jundu Tianjin are scheduled to open next year. Ascott Xiangjiang FFC Changsha, Citadines Yunlong Lake Xuzhou and Tujia Somerset Congtai Handan will start operations from 2019.

China is Ascott’s fastest-growing and largest market, said Ascott’s managing director for the country, Tan Tze Shang. Following an investment into Tujia – often referred to as China’s Airbnb – the brand has seen an increase in bookings through Tujia’s website, Mr Tan said.

Ascott launched the Tujia Somerset serviced residence brand in March last year, which has secured 11 properties and 2,000 units, surpassing its 2016 target, Mr Tan added.

The company currently manages more than 17,300 apartments across 27 cities in China and is targeting to manage 20,000 apartments in China by 2020.

Source : Channel NewsAsia – 19 Jan 2017

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