HotelsCapitalLand signs rights deal with construction giant

Ascott continues to build its brand in China

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Citadines Guoxitai Xi’an.
Citadines Guoxitai Xi’an.

Ascott and Dongfu Investment launched the alliance with a management contract for the 148-unit Citadines Guoxitai Xi’an, slated to open in 2018, reinforcing Ascott’s position as the largest international serviced residence owner-operator in China.

CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has agreed a strategic alliance with Dongfu Investment Development Corporation – a real estate subsidiary of China State Construction Engineering Company (CSCEC), China’s largest state-owned construction and infrastructure builder.

Through this partnership, Ascott will have the first right to manage apartments currently under development as well as future projects to be built by Dongfu Investment. 

Both parties will draw on each other’s capabilities, resources, brands and sales network to expand in China.

Dongfu Investment’s parent company, CSCEC, is ranked 37 amongst Fortune’s global 500 companies with massive projects internationally from Singapore to United Arab Emirates and South America.

Ascott and Dongfu Investment launched the alliance with a management contract for the 148-unit Citadines Guoxitai Xi’an, slated to open in 2018, reinforcing Ascott’s position as the largest international serviced residence owner-operator in China.

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