Published on : Friday, June 6, 2014
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has entered into a strategic alliance with Beijing Vanke Co., Ltd. , a wholly-owned subsidiary of Vanke China Co., Ltd. (Vanke), to drive Ascott’s expansion plans in China.
Vanke is 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.
Tags: Ascott Forms Strategic Alliance With Vaanke To Drive Its Growth In China, Travel Destination News
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