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Frasers remains confident in China
By Cao Qian |
April 1, 2009, Wednesday
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Print Edition
Print Edition
FRASERS Hospitality, a global property owner and management company, said yesterday that it plans to double its China presence in one year despite falling demand and reduced housing budgets biting into the country's corporate-stay market.
"By 2010, we hope to increase our portfolio to 13 properties from the current seven, bringing our presence to eight Chinese cities including Hong Kong," said Choe Peng Sum, chief executive officer of Frasers Hospitality Pte.
The firm opened the 272-unit Fraser Residence in the city's downtown Luwan District, its seventh serviced residence in the country, yesterday. "Fraser Residence Shanghai reflects our growing commitment to China," Choe emphasized.
The average occupancy rate of Fraser's China properties now stand between 80 percent and 90 percent but it was well above 90 percent before the crisis began to take its toll, Choe said.
The average rent at Shanghai's serviced apartments dropped 5.8 percent in the fourth quarter of last year, according to global real estate services provider Colliers International.
"By 2010, we hope to increase our portfolio to 13 properties from the current seven, bringing our presence to eight Chinese cities including Hong Kong," said Choe Peng Sum, chief executive officer of Frasers Hospitality Pte.
The firm opened the 272-unit Fraser Residence in the city's downtown Luwan District, its seventh serviced residence in the country, yesterday. "Fraser Residence Shanghai reflects our growing commitment to China," Choe emphasized.
The average occupancy rate of Fraser's China properties now stand between 80 percent and 90 percent but it was well above 90 percent before the crisis began to take its toll, Choe said.
The average rent at Shanghai's serviced apartments dropped 5.8 percent in the fourth quarter of last year, according to global real estate services provider Colliers International.
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