ASCOTT ACCELERATES EXPANSION IN CHINA WITH TWO NEW

The 181-unit Ascott Financial City Chengdu, which is the first premier Ascottbranded serviced residence in Chengdu, is slated to open in 2014 and the 187-unit Somerset Wangjing Beijing, which is the first international brand of serviced residence in Beijing’s thriving Wangjing business area, is scheduled to open in 2013. With the latest additions, Ascott has further strengthened its leadership position as the largest international serviced residence owner-operator in China and is on track to achieve 12,000 apartment units in the country by 2015. Managing director, Ascott – north Asia, Lee Chee Koon said, “We are pleased to secure two more management contracts which add over 360 apartment units to our portfolio. Ascott will now have around 7,000 apartment units in 38 serviced residences across 16 cities in China. “ O u r q u i c k e x p a n s i o n i n C h i n a demonstrates the importance of the country as a key growth market for us and our strong confidence in its future development. We will continue to tap on more opportunities in tier-one cities like Beijing where we still see abundant demand for international serviced residences from business travellers and tourists,” added Chee. “We are deepening our presence in high growth cities such as Chengdu where foreign direct investment and tourism are expected to increase exponentially in the next few years.” Ascott Financial City Chengdu is set as part of the landmark 58-storey Chengdu Financial City twin-tower development comprising Grade A offices and entertainment facilities. Located within the New South Area, which is the up and coming business centre of Chengdu, the serviced residence is set to be surrounded by commercial developments such as Chengdu Financial Center and Tianfu Software Park, and the offices of many multinational companies whilst also within walking distance are the Chengdu Ocean Park, Chengdu Opera House, Chengdu International Exhibition and Convention Centre, shopping malls and international schools. The property is set to be linked to a Metro station, providing convenient access to various destinations in the city including the Shuangliu International Airport. Business and leisure travellers can expect a range of studios to fourbedroom apartments, in addition to facilities including a swimming pool, gymnasium, spa, sauna, children’s playroom, business centre, meeting room and reading lounge. Elswhere, Somerset Wangjing Beijing is strategically located in the bustling Wangjing business area within the Chaoyang District. Positioned as Beijing’s second central business district, Wangjing is home to the China headquarters of many multinational companies. M a n y G r a d e A o f f i c e t o w e r s a n d commercial buildings are expected to be developed to attract more corporations to set up offices in Wangjing. The serviced residence is designed to offer studios, one-, two- and