The Ascott Limited signs for seven new properties in China

The Ascott Limited

Ever-working to enhance its portfolio, The Ascott Limited (Ascott) recently inked seven new contracts to manage over 1,300 apartments spanning six cities in China.

These hotels will represent the company’s debut in the cities of Kunming and Yichang, while simultaneously boosting its presence in Chongqing, Dalian, Shenzhen and Xuzhou.

This year, Ascott has added over 2,700 units across 15 properties in China – a 56 per cent jump on the more than 1,700 units and 10 properties secured in H1 of 2016.

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Enthusing on the good news was CEO, Ascott, Lee Chee Koon: “China remains Ascott’s biggest market and we are excited to be surpassing our 100th property milestone in China this year.

“Chinese are amongst Ascott’s top customers at our properties globally with revenue surging by 35 per cent year-on-year. Awareness of Ascott has also grown significantly in China. In 2016, about 62 per cent of our guests in China are Chinese. With close to 19,000 units in 104 properties across 29 Chinese cities, Ascott will achieve our target of 20,000 units in China well ahead of 2020. With this momentum, we are confident of exceeding our target of 80,000 units globally by 2020,” Koon added.

Of the seven new serviced residences, Tujia Somerset Garden City Chongqing is already operational, while Ascott Yulian Plaza Dalian, Citadines Gaoke Liangjiang Chongqing, Citadines Three Gorges Yichang and Somerset Q Plex Shenzhen will launch in 2018. Meanwhile, Citadines Dianchi Time Plaza Kunming and Tujia Somerset Yunlong Lake Xuzhou are anticipated to open in 2019.

Earlier on in the year, Ascott confirmed six properties in Changsha, Shenzhen, Tianjin, Wuhan, Handan and Xuzhou.