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April 27, 2017

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Ascott to fortify brands to grow quickly in China

ASCOTT, a leading owner-operator of international serviced residences, will accelerate its expansion in China this year by consolidating its existing and new brands in first and key second-tier cities.

The wholly owned subsidiary of Singapore’s CapitaLand Ltd, one of Asia’s largest real estate developers, aims to add at least 4,600 apartments in China this year, Tan Tze Shang, managing director of Ascott China, said in Shanghai.

“We signed management contracts for about 3,600 units of services residence last year in China, of which 2,000 were under the joint venture Tujia Somerset brand and the rest were under our three award-winning brands of Ascott, Citadines and Somerset,” Tan said during the debut of Ascott Global Roadshow yesterday.

“For this year, we aim to outperform 2016 by at least 1,000 units and will also bring one of our new brands to offer more options for our clients in China where demand for quality accommodation is robust.”

The company plans to introduce Lyf, a brand featuring small rooms but large public spaces so that residents can socialize and interact, in the country this year, probably in gateway cities first such as Shanghai, Beijing, Guangzhou and Shenzhen.


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