CapitaLand’s wholly-owned subsidiary, Ascott, has secured seven new contracts to manage over 1,300 apartments in six Chinese cities. This means Ascott has expanded its presence into Kunming and Yichang for the first time, and is continuing to grow its reach in cities such as Dalian, Chongqing, Shenzhen and Xuzhou. So far this year, Ascott has added more than 2,700 units in 15 properties within China to its portfolio, a 56% increase from the over 1,700 units and 10 properties it secured in 1H2016.

This brings Ascott’s portfolio in China to a total of 19,000 units in 104 properties located across 29 cities. Ascott CEO Lee Chee Koon says the company is on track with regard to its target of amassing 20,000 units in China ahead of 2020. Lee adds that Ascott is also confident of exceeding its target of 80,000 units worldwide by 2020.

Properties under development and opening in 2018 include Ascott Yulian Plaza Dalian, Citadines Gaoke Liangjiang Chongqing, Somerset Q Plex Shenzhen and Citadines Three Gorges Yichang (below).

Source: Ascott