CapitaLand

CapitaLand’s: CapitaLand’s serviced residence business unit, The Ascott, has entered into a strategic alliance with Vanke China, in a bid to drive Ascott’s expansion plans in China. Vanke is one of the largest property developers in China, and the alliance will see Vanke leverage on its significant presence and expertise to develop serviced residences in China, while Ascott will in turn provide its capabilities in managing award-winning serviced residences. Separately, Ascott has secured contracts from Beijing Vanke to manage two more serviced residences in Beijing, which are both slated to open in 2017. The two properties will strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in China, with over 10,800 apartment units across 20 cities. With these two latest contracts in Beijing, Ascott will manage a total of four serviced residences with close to 700 apartment units for Vanke. Ascott highlights that strategic alliance with leading developers like Vanke will enable the group to combine its expertise and industry knowledge to create a mutually beneficial partnership for both Ascott and Vanke.