The grand opening of Fraser Place Binhai Tianjin has signalled the continued expansion of Frasers Hospitality, a member of Frasers Property Group, in China.
The opening marks Frasers Hospitality’s second property in Tianjin after Fraser Place Tianjin, which has enjoyed success since its opening in 2016.
As China’s leading serviced apartment brand, Frasers Hospitality currently has 16 properties in 11 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 eight per cent 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, chief executive, 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.
Having noted a ten per cent growth in the number of room nights booked by Chinese travellers from financial year 2016 to 2017 across its global portfolio of properties, Frasers Hospitality is strengthening its presence in China and leveraging the opportunities of China’s burgeoning domestic tourism market.
Chinese travellers also account for almost half of the guests in the country, signifying China’s booming domestic travel market that is ripe for more expansion within the country.
As one of the main tourism-generating regions in China, Tianjin is among the country’s key cities, ranking third in domestic tourism revenue and eighth in inbound tourism revenue respectively.
Tianjin’s economy grew by 3.6 per cent in 20176, after several years of expanding at 12.4 per cent annually.
“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,” said Choe.