The Ascott has secured a freelance to regulate its first serviced residence in Nanjing.
The contract was awarded by Nanjing Lek Yuen Property Development Company, a massive property developer in Nanjing, China.
Citadines Baijia Lake Nanjing, in order to have approximately 290 apartment units, is slated to open inside the second 1/2 2014.
The latest addition has reinforced Ascott’s leadership position because the largest international serviced residence owner-operator in China with greater than 8,300 apartment units in 46 properties across 18 cities.
Chong Kee Hiong, Ascott’s chief executive, said: “China is Ascott’s fastest growing market.
“It also is our strongest market where our revenue per available unit in 2012 increased by 15 per cent over 2011.
“Besides building on our presence in tier one cities in China, we’ve got been expanding into high growth cities where strong foreign investment has generated a big demand for serviced residences.
“Nanjing, the capital of Jiangsu Province, is this kind of high growth cities, with an economy that expanded by a regular of 17 per cent per year during the last five years.
“We see strong potential for Ascott to expand into Nanjing and grow our presence within the East China region.”
Citadines Baijia Lake Nanjing has a chief location near the well-known Baijia Lake.
It is quite with regards to the Baijia Lake 1912 commercial area, Shengtai Road retail street, British School of Nanjing, Jiangning Hospital, and a college zone with 15 universities.
There are convenient amenities consisting of restaurants, pubs, shopping centres, supermarkets, banks and clinics nearby.
The property could also be next to the metro stations of Lines 1 and three, and a fifteen-minute and 25-minute drive from the Nanjing high-speed railway station and airport respectively.