Ascott Group, one of the biggest international serviced residences firms in the Asia Pacific region, is now planning to speed up its expansion in China.
Ascott has announced a RMB768 million investment for the purchase and decoration of two projects including Yuelai Service Apartment in Beijing and Junyi Mansion in Tianjin.
If everything goes smoothly, Ascott will have 18 apartment projects in China. These two new projects will add 422 apartments for Ascott who hopes to have 10000 apartments before 2010 in China.
Wang Anlun, director manager and president of Ascott, says that Ascott has invested RMB4 billion in China since it entered China in 1996.