The Ascott, the world’s largest international serviced residence owner-operator, has invested over £55 million in Tujia.com – China’s answer to apartment-sharing website Airbnb. The joint venture, which will see Ascott operate and franchise serviced apartments with the site, will allow Ascott to expand its portfolio and meet its target of 20,000 units in China by 2020. As part of the joint venture with Tujia, Ascott will operate serviced apartments located within the key growth cities of China using a new brand.