China: Frasers has held a grand opening for Fraser Place Binhai Tianjin, the company’s second property in the city.
It joins Fraser Place Tianjin, which opened in 2016.
Frasers Hospitality has 16 properties in 11 Chinese cities: Beijing, Changsha, Chengdu, Dalian, Guangzhou, Nanjing, Shanghai, Shenzhen, Tianjin, Wuhan and Wuxi. It has another 16 properties in the pipeline , which will see it enlarging its footprint in cities such as Chengdu, Nanjing, Shanghai and Wuhan, as well as opening in new cities such as Nanchang and Haikou.
“China continues to command international attention and its importance is not to be underestimated. In 2017, China’s foreign direct investment grew by 8 percent year-on-year to reach around US$135 billion, an all-time high . In the same year, there were also 35,652 newly established foreign companies, a 28 per cent jump compared to the year before,” said Choe Peng Sum, CEO of Frasers Hospitality.
“China’s huge population and rising consumption power coupled with its self-contained and self-sustaining economy make it an attractive market. The rise of Chinese millennials is also driving growth,” added Choe.
“We are excited to deepen our commitment to Tianjin. Our first property in the city has proven to be popular, having recorded an average occupancy that is upwards of 90 per cent. We look forward to building on this success with the launch of Fraser Place Binhai Tianjin. With this opening, our two properties in Tianjin will complement each other perfectly as they cater to both short-stay and long-stay business travellers as well as to luxury travellers,” he concluded.
