Ascott forms partnership for Chinese expansion
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Ascott has entered into a strategic alliance aimed at driving its growth in China.
The new deal with Beijing Vanke Co Ltd will see the Chinese real estate company develop new serviced residences in China, which will be managed by Ascott.
Initially, Ascott has secured contracts from Beijing Vanke to manage two more serviced residences in Beijing. The 157-unit Citadines Daxing Beijing, which will become the first Citadines-branded property in the city, and the 198-unit Somerset Shunyi Beijing, are both expected to open in 2017.
“China remains our key growth market. Besides expanding through management contracts and investments, strategic alliances with leading developers like Vanke will enable us to combine our expertise and industry knowledge to create a mutually beneficial partnership for both Ascott and Vanke,” said Kevin Goh, Ascott’s managing director for North Asia.
“With these two latest contracts in Beijing, Ascott will manage a total of four serviced residences with close to 700 apartment units for Vanke, including the premier Ascott Midtown Suzhou which just opened in April 2014 and Somerset Wuxi which is expected to open next year. We look forward to growing our partnership with Vanke in the future.”
Ascott is already the largest international serviced residence owner-operator in China, with more than 10,800 apartment units in 60 properties across 20 cities.
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