ASCOTT TO MANAGE NEW PREMIER SERVICED RESIDENCE IN SHANGHAI
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Ascott expands presence with 282-unit Ascott Shanghai, bringing its portfolio to 27 properties in China
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Group Limited, has been awarded a contract by Shanghai Li Xing Real Estate Development Co., Ltd to manage a new premier serviced residence property in Shanghai. Shanghai Li Xing Real Estate Development Co., Ltd is part of Lai Fung Holdings, a Hong Kong-listed property development and investment company.
The 282-unit Ascott Shanghai is part of the prestigious Hong Kong Plaza, an existing integrated lifestyle development in Shanghai that comprises shopping, entertainment and offices. It is only a short walk from Xintiandi, a renowned entertainment, shopping and dining district with a wide range of cafes, restaurants, boutiques and bars.
Ascott Shanghai is targeted to open in 2010 at a time when the city will be receiving international guests attending the 84th World Expo. The serviced residence property is centrally located in Huaihai Zhong Road, Luwan District, one of the most vibrant shopping areas in Shanghai. It is also near the Huangpi Nan subway station and People’s Square which houses an exhibition centre, theatres and museums
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