Portfolio in China increases to 27 properties in 13 cities

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has expanded into Chengdu, China, with its latest property in the country – Somerset Riverview, Chengdu. The serviced residence was acquired through the Ascott China Fund and is operational from April 2010. This increases Ascott’s portfolio in China to over 5,000 apartment units in 27 properties across 13 cities – Beijing, Chengdu, Chongqing, Dalian, Guangzhou, Hong Kong, Shanghai, Shenyang, Shenzhen, Suzhou, Tianjin, Wuhan and Xi’an.

Mr Lim Ming Yan, Chief Executive Officer of The Ascott Limited, said: “Ascott’s expansion into Chengdu demonstrates the importance of China as a key growth market for us. It will enable us to establish a strong foothold in western China and further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in the country. As the provincial capital of Sichuan, Chengdu is one of the most important economic centres as well as transportation and communications hubs in western China. As part of its Western Development programme, the Chinese government has also made concerted efforts to attract foreign investors, business travellers and intraregional travellers to Chengdu. This will generate significant demand for our serviced residence.” Read the full story