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Ascott powers China growth with Dongfu Investment deal

Ascott powers China growth with Dongfu Investment deal

Ascott has continued its aggressive expansion by forging a strategic alliance with Dongfu Investment Development Corporation – a real estate subsidiary of China State Construction Engineering Company, China’s largest state-owned construction and infrastructure builder.

Through this partnership, Ascott will have the first right 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 in China.

Dongfu Investment’s parent company, CSCEC, is ranked 37 amongst Fortune’s global 500 companies with massive projects internationally from Singapore to United Arab Emirates and South America.

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

Lee Chee Koon, Ascott chief executive, said: “Ascott is delighted to be the first international serviced residence company to form a strategic alliance with Dongfu Investment.

“Ascott has forged strong alliances with industry leaders from land owners to property developers, construction firms, online platforms and tech companies.

“Our partners have chosen to collaborate with us due to Ascott’s strong capabilities in managing award-winning serviced residences globally for the past over 30 years.

Ascott and Dongfu Investment kicked off this alliance with a management contract for the 148-unit Citadines Guoxitai Xi’an which is slated to open in 2018.

The addition of Citadines Guoxitai Xi’an has further reinforced Ascott’s leadership position as the largest international serviced residence owner-operator in China, with more than 14,000 units in 24 cities.