By Cheryl Tay:
The Ascott Limited (Ascott) has partnered with Chinese developer Yuexiu Property Company Limited to strengthen its foothold in China.
Under the deal, the Guangzhou-based developer will use its strong presence and expertise to build serviced residences in China, while Ascott will manage the properties.
Meanwhile, Ascott has secured contracts to manage two more serviced residences – Somerset Riviera Guangzhou (pictured) and Citadines LiZhiWan Guangzhou. These developments further enforce Ascott’s position as the largest serviced residence owner-operator in China, with over 8,000 apartments across 46 properties in 17 cities.
“China is a key market for Ascott as it continues to attract significant foreign direct investment which generates increasing demand for serviced residences. To achieve our target of 12,000 apartment units in China by 2015, we will expand in tier one cities like Beijing, Shanghai and Guangzhou as well as other high growth cities through investments and management contracts,” said Lee Chee Koon, Deputy Chief Executive Officer and Managing Director for North Asia at Ascott.
“Strategic alliances with leading developers like Yuexiu Property will enable us to combine our expertise and industry knowledge to further extend Ascott’s lead in China."
Zhu Chen, General Manager at Yuexiu Property, added: “We entered into a strategic alliance with Ascott due to its strong branding, worldwide network and reputation for product and service excellence.”
“Our companies first collaborated when we awarded the management contract for the premier Ascott IFC Guangzhou in 2010. The serviced residence is part of our new Guangzhou International Finance Centre which aims to be the most successful mixed development in the city. We are confident that the serviced residence will perform very well given Ascott’s track record.”
Cheryl Tay, Editor of CommericalGuru, wrote this story. To contact her about this or other stories, email cheryltay@propertyguru.com.sg
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