Ascott widening serviced residence footprint across China

SINGAPORE - CapitaLand’s wholly-owned serviced residence business unit, Ascott, has crossed a milestone of 35,000 apartment units globally as it steps up its growth in China, securing contracts to manage more than 900 apartment units in Taiyuan, Beijing, Shanghai and Dalian.The 170-unit Ascott Taiyuan is slated to open in 2018, the 195-unit Ascott Riverside Garden Beijing and 342-unit Somerset Sunland Shanghai in 2016. An existing 195-unit property in Dalian has been rebranded as the Somerset Grand Central Dalian.

The four new properties further strengthen Ascott’s position as the largest international serviced residence owner-operator in China, where it will have more than 11,600 apartment units in 64 properties across 21 cities. www.the-ascott.com (ATI).