Done deal: Ascott clinches strategic alliance with Beijing Vanke

Two more serviced residences slated in Beijing.

A strategic alliance has been forged between The Ascott Limited, CapitaLand’s wholly-owned serviced residence business unit, and BeijingVanke Co., Ltd., to drive Ascott’s expansion plans in China.

Ascott has secured contracts from Beijing Vanke to manage two more serviced residences in Beijing. Ascott’s first Citadines-branded serviced residence in Beijing, the 157-unit Citadines Daxing Beijing, and the 198-unit Somerset Shunyi Beijing are both slated to open in 2017.

Beijing Vanke is one of the largest property developers in the China. It will use its presence and expertise to develop serviced residences in China, while Ascott will provide its capabilities in managing serviced residences.