CAPITALAND'S serviced residence unit, The Ascott Limited, has opened its fifth serviced residence in Beijing.
Ascott Raffles City Beijing, which is located at Dongzhimen in the city's Dongcheng District, has 162 units ranging from one to three bedroom apartments.
The property, Ascott Raffles City Beijing, marks the first time an Ascott serviced residence has partnered with one of CapitaLand's Raffles City mixed developments.
'Ascott Raffles City Beijing is our fourth property to open in China this year, reaffirming Ascott's commitment to grow our presence in the mainland,' said Lee Chee Koon, managing director of Ascott's North Asia division.
Besides acquiring new properties and managing properties for third party owners, CapitaLand's mixed developments such as Raffles City are another platform for Ascott to rapidly grow its network of serviced residences in China, Mr Lee said.
Ascott is now working on opening serviced residences within another two Raffles City developments - Raffles City Hangzhou and Raffles City Ningbo.
There are seven Raffles City complexes worldwide and five in China.
Ascott Raffles City Beijing, which is located at Dongzhimen in the city's Dongcheng District, has 162 units ranging from one to three-bedroom apartments.
Ascott now has 25 properties with about 5,000 apartment units across 12 cities in China - including six properties which will open by 2011.
Ascott, the world's largest international serviced residence owner-operator, has around 19,000 operating serviced residence units in key cities of the Asia-Pacific, Europe and the Gulf region, as well as another 6,000 units that are under development.
Source: Business Times, 3 Dec 2009
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