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The Ascott Secures 4 New Contracts In Top Tier China Cities
CapitaLand’s whole owned serviced residence business unit, The Ascott (Ascott), has inked four new management contracts for 583 serviced residence units in China.
Two of the properties are located in Shanghai and one each in Beijing and Dalian. The addition of the properties will further reinforce Ascott’s position as the largest international serviced residence owner-operator in China with over 14,300 units in 80 properties across 24 cities.
In August, Ascott invested in Tujia.com International, China’s largest online apartment sharing platform, to expand in the O2O (Offline-to-Online and Online-to-Offline) business. Ascott’s serviced residences in China under Ascott’s three internationally recognized brands – Ascott, Citadines and Somerset – are now available on Tujia’s website for booking, expanding Ascott’s reach to more customers online.
The group believes that with the rapid increase in Chinese travelers overseas and Ascott’s presence in many of the tourist and business cities worldwide, their penetration of the Chinese market is expected to contribute to Ascott’s business globally.
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