China: Ascott has opened two new properties in China, marking the 20th anniversary of its first location in the country.
The company has opened its first property in Nantong and its fourth property in Suzhou – two fast-growing cities in the Yangtze River Economic Belt, a key economic region that accounts for more than 40 per cent of China’s Gross Domestic Product.
Ascott Harmony City Nantong, the first internationally branded serviced residence in the city, is located in the financial hub near the Nantong Railway Station and has direct access to the metro interchange station that is scheduled for completion in 2020. Somerset Baitang Suzhou is in the heart of Suzhou Industrial Park, China’s top high-tech park with more than 2,000 multinational corporations.
Tan Tze Shang, Ascott’s managing director for China and head of business development, said: “This year marks Ascott’s 20th anniversary in China, our fastest-growing and largest market, with over 20,000 units in more than 110 properties across 33 Chinese cities. In five months this year, we have secured contracts to manage nine properties offering over 1,600 units. We have also opened four properties with close to 800 units in Nantong, Suzhou, Xiamen and Xi’an. Ascott Harmony City Nantong and Somerset Baitang Suzhou will enjoy a ready pool of expatriates as well as business and leisure travellers given their proximity to business parks, commercial buildings, retail and dining outlets, and popular tourist destinations. With the opening of these two serviced residences, guests can now choose from our 56 operational properties in China. Within the next six years, Ascott plans to open over 50 properties in more than 20 Chinese cities such as Shanghai, Shenzhen, Hangzhou, Tianjin and Guangzhou. These will be tailored for different customer segments across our varied brands such as Ascott, Citadines, Somerset, Tujia Somerset and our latest co-living brand for the millennials, lyf.”
