The Ascott Limited, the serviced residence division of CapitaLand, has secured contracts to manage two properties in China.
The properties include the 71-unit Somerset Victoria Park Hong Kong and the 186-unit Ascott M-City Foshan, which will open in 2013 and 2016 respectively.
Lim Ming Yan, Chief Executive Officer at Ascott, said the new properties in Hong Kong and Foshan will enable the company to meet the region’s strong demand for quality accommodation sought by travellers and expatriates.
Currently, The Ascott operates and owns Citadines Ashley Hong Kong in the Tsim Sha Tsui district.
It also plans to double its China portfolio to 12,000 apartments by 2015.
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