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Ascott partners developer Vanke to further China expansion

Singapore serviced residence operator inks deal with Beijing Vanke to develop and manage the properties in China.

SINGAPORE: Ascott on Friday (June 6) announced it has entered into an alliance with Beijing Vanke, a wholly-owned subsidiary of Vanke China, to deepen its expansion into China.

"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," the Singapore serviced residence operator said in a statement.

It added that the deal has already yielded two new contracts for Ascott in Beijing: The 157-unit Citadines Daxing Beijing and the 198-unit Somerset Shunyi Beijing are both slated to open in 2017.

Ascott said it is already signed on to managing two other developments for Vanke - the Ascott Midtown Suzhou, which opened in April, and Somerset Wuxi which is expected to open next year. Once the other two Beijing developments are operational in 2017, Ascott will have over 10,800 apartment units in 60 properties across 20 cities in China.

"China remains our key growth market. Ascott will continue to seek opportunities in gateway cities and high growth cities with strong demand for serviced residences (in China)," said Mr Kevin Goh, Managing Director for North Asia at Ascott.

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