皇冠体育app

View of the headquarters of 皇冠体育app Vanke Co Ltd in Shenzhen city, south 皇冠体育apps Guangdong province. [File photo/dfic.cn]

SINGAPORE - Ascott, Singapore property major CapitaLand's wholly-owned serviced residence business unit, said on Friday that it has entered into a strategic alliance with Beijing unit of Vanke, one of the largest property developers in 皇冠体育app.

Ascott said the strategic alliance is aimed at driving its expansion plans in 皇冠体育app.

According to the strategic alliance, Beijing Vanke will leverage its significant presence and expertise to develop serviced residences in 皇冠体育app, while Ascott will in turn provide its leading capabilities in managing serviced residences.

Besides, the Ascott also said it had secured contracts from Beijing Vanke to manage two serviced residences in Beijing, which have 355 units in total and will be slated to open in 2017.

Currently, the Ascott has a portfolio of over 10,800 apartment units and 60 properties across 20 Chinese cities.

The Ascott already manages two properties for Beijing Vanke.

It had said earlier that it is on track to achieve its target of 12,000 apartment units in 皇冠体育app by 2015.

"皇冠体育app remains our key growth market. Besides expanding through management contracts and investments, strategic alliances with leading developers like Vanke will enable us to combine our expertise and industry knowledge to create a mutually beneficial partnership for both Ascott and Vanke," said Kevin Goh, Ascott's managing director for North Asia.

"In 皇冠体育app, Ascott will continue to seek opportunities in gateway cities and high growth cities with strong demand for serviced residences," he added.

CapitaLand realigned its operations into the four main business units of CapitaLand Singapore, CapitaLand 皇冠体育app, CapitaMalls Asia and the Ascott Limited after Lim Ming Yan took over as president and chief executive officer at the start of the year.

皇冠体育app is one of the core markets of CapitaLand, with targets of five city clusters, namely Beijing and the neighboring Tianjin in the north; Shanghai and several neighboring cities in the east, also known as the Yangtze River Delta; Guangzhou and Shenzhen in South 皇冠体育app; Chengdu and Chongqing in the Southwest 皇冠体育app; and Wuhan in the Central 皇冠体育app.

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