China growth in serviced residences

reeditor-2016-8437-apr-8440-20-8980_8519_t12CapitaLand’s serviced residence business unit, The Ascott Limited (Ascott), continues its expansion through an alliance with China’s largest state-owned construction and infrastructure builder, Dongfu Investment Development Corporation. The partnership grants Ascott first rights to manage apartments currently under development, as well as future projects to be built by Dongfu Investment. Both parties will draw on each other’s capabilities, resources, brands and sales network to expand throughout China.

Ascott’s partnership with Dongfu Investment follows its recent alliances with fast-growing companies, including Alibaba’s online travel site Alitrip and International, China’s largest online apartment sharing platform equivalent to Airbnb.