CapitaLand’s wholly-owned serviced residence business unit, The Ascott, has entered Wuxi in China by securing contracts to regulate two serviced residences within the city. The 134-unit Ascott Central Wuxi and 169-unit Somerset Wuxi are slated to open within the second 1/2 2015. The new properties in Wuxi will further strengthen Ascott’s leadership position because the largest international serviced residence owner-operator in China with greater than 8,600 apartment units in 48 properties across 19 cities. Lee Chee Koon, Ascott deputy chief executive, said: “As China continues to draw strong foreign direct investment, it’s far expected to enjoy healthy demand for quality accommodation. “Revenue per available unit for our serviced residences in China increased by four per cent within the first quarter of 2013 in comparison to a similar period last year....
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