China crisis

But that is not deterring serviced apartment operators who firmly believe there is huge untapped potential in the country.

Frasers goal is to reach 7,000 units in China by 2019. Ascott is aiming for 20,000 by 2020 and has teamed up with Vanke, one of China’s largest developers,  to help it get there. It is also launching a new apartment brand with Tujia – dubbed China’s Airbnb. Onyx, Oakwood Worldwide, Shama, Lanson Place, Swire Properties and Jumeirah have all expanded their portfolio in China over the last year.

Whether this momentum can continue to grow may depend on whether China’s financial woes deepen or are a short-term wobble. Yesterday is already being described as Black Monday in some media outlets – whether its effects on the serviced apartment sector are as dramatic as the headlines remains to be seen.