Ascott-Vanke alliance plans expansion in China
Updated: 2014-06-09 16:27
By Hu Yuanyuan (chinadaily.com.cn)
|
|||||||||||
Ascott Limited, the wholly-owned serviced residence business unit of Singapore-based CapitaLand Group, has entered into a strategic alliance with Beijing Vanke Co Ltd to drive Ascott's expansion plans in China.
Beijing Vanke will leverage its significant presence and expertise to develop serviced residences in China. Ascott will in turn provide its leading capabilities in managing serviced residences, the company's top management said on Monday.
|
|
Ascott's first Citadines-branded serviced residence in Beijing, the 157-unit Citadines Daxing Beijing, and the 198-unit Somerset Shunyi Beijing are both slated to open in 2017. The two properties will strengthen Ascott's leadership position as the largest international serviced residence owner-operator in China, with over 10,800 apartment units in 60 properties across 20 cities.
"China remains our key growth market. Besides expanding through management contracts and investments, strategic alliances with leading developers like Vanke will enable us to combine our expertise and industry knowledge to create a mutually beneficial partnership for both Ascott and Vanke," said Kevin Goh, Ascott's Managing Director for North Asia.
With these two latest contracts in Beijing, Ascott will manage a total of four serviced residences with close to 700 apartment units for Vanke, including the premier Ascott Midtown Suzhou, which just opened in April 2014, and Somerset Wuxi, which is expected to open next year.
According to Goh, Ascott will continue to seek opportunities in gateway cities and high growth cities with strong demand for serviced residences.
The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has over 23,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 10,000 units which are under development, making a total of more than 34,000 units in over 200 properties.
Related Stories
CapitaLand's Ascott, Vanke's Beijing unit forms strategic alliance 2014-06-07 11:30
CapitaLand's Ascott expands in China 2013-08-16 09:43
China Vanke says property sector's 'golden era' over 2014-05-28 15:05
China Vanke posts first profit decline in 12 years 2014-04-30 08:55
Vanke to attend Expo Milano 2014-03-07 15:01
Vanke to convert B shares to HK H shares 2014-03-04 17:20
Today's Top News
'Black economy' could give boost to EU
New China tennis talent on decline
More than 20 dead in Karachi attack
Cultural norms vs. diet choice
Kosovo votes in early parliamentary elections
Militants launch wave of onslaughts across Iraq
Vets flock to Normandy to remember D-Day
G7 'deeply concerned' about S China Sea tensions
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Long march to end employment bias |
Variety is the spice of academic life |
Documents prove the truth can't be buried |
Race to remember story of resistance |
Strait talking: From enemy to friend |
Welcome to the world’s largest garbage dump |