CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has entered into a strategic alliance with Beijing Vanke Co., Ltd. (Beijing Vanke), a wholly-owned subsidiary of Vanke China Co., Ltd. (Vanke), to drive Ascott’s expansion plans in China. Vanke is the one of the largest property developers in the country. 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 award-winning serviced residences.
In addition to establishing the strategic alliance, Ascott has secured contracts from Beijing Vanke to manage two more serviced residences in Beijing. 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.
Mr Kevin Goh, Ascott’s Managing Director for North Asia, said: “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. 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. We look forward to growing our partnership with Vanke in the future.”
Mr Goh added: “In China, Ascott will continue to seek opportunities in gateway cities and high growth cities with strong demand for serviced residences. As the capital city of China, Beijing is one of the most important economic centres as well as transportation and communications hubs. More than 300 Fortune Global 500 companies have established their headquarters or branch offices in Beijing. The addition of the two new properties will serve the market well and further strengthen Ascott’s foothold in Beijing.”
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CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has entered into a strategic alliance with Beijing Vanke Co., Ltd. (Beijing Vanke), a wholly-owned subsidiary of Vanke China Co., Ltd. (Vanke), to drive Ascott’s expansion plans in China. Vanke is the one of the largest property developers in the country. 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 award-winning serviced residences.
