China: Ascott has signed contracts to manage six properties with more than 1,200 units in China.
The new properties are in Changsha, Shenzhen, Tianjin and Wuhan, Handan and Xuzhou.
Tan Tze Shang, Ascott‘s managing director for China, said: “To ride on the growth in demand for international-class serviced residences as we work towards our goal of 20,000 units in China by 2020, we will expand our management and franchise business through our established Ascott, Citadines and Somerset brands, Tujia Somerset, as well as our newly unveiled lyf brand designed for and managed by millennials. We will also look out for investments opportunities in the first tier cities of Beijing, Shanghai, Guangzhou and Shenzhen, as well as in provincial capitals like Wuhan and Hangzhou.”
Of the six new serviced residences secured, Citadines Sunhope e-Metro Shenzhen, Ascott’s largest property in China, will open this year. Citadines Qingshan SCPG Centre Wuhan and Tujia Somerset Jundu Tianjin are scheduled to open next year while Ascott Xiangjiang FFC Changsha, Citadines Yunlong Lake Xuzhou and Tujia Somerset Congtai Handan will start operations from 2019.
In 2016 Ascott opened 14 properties in China, adding over 2,000 units to its portfolio. It will open more than 30 properties worldwide this year, of which 16 will be in China.