Ascott enters wuxi in China with two serviced residneces
Singapore, 15 May 2013 – CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has entered Wuxi in China by securing contracts to manage two serviced residences in the city. The 134- unit Ascott Central Wuxi and 169-unit Somerset Wuxi are slated to open in the second half of 2015.
The new properties in Wuxi will further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in China with more than 8,600 apartment units in 48 properties across 19 cities.
He added: “Strategically located in the Yangtze River Delta region, Wuxi’s economy grew by an average of more than 17% annually in the last 10 years. It has also attracted foreign direct investment of more than RMB 20 billion each year from 2008 to 2012. As Wuxi continues to transform itself into a thriving regional hub with a growing number of multinational corporations, large local enterprises and trade exhibitions, we expect strong demand for our international-class serviced residences by expatriates and local business