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Ascott Opens Two New Properties in China

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The Ascott Group today opened two Somerset branded properties in Chongqing and Shenzhen, its first in the two cities.

The serviced residence properties – Somerset JieFangBei, Chongqing and Somerset Garden City, Shenzhen – will widen Ascott’s reach and increase the scale of its operations in the mainland.

 Ascott is one of the largest international serviced residence owner-operators in China with more than 5,000 units in 26 properties across 12 cities.

Somerset JieFangBei, Chongqing offers studios as well as one and two-bedroom residences. The 157-unit property is located in the heart of Chongqing’s prime financial area, Yuzhong District. It is a short walk to the bustling Jiefangbei commercial Pedestrian Street, where the city’s biggest shopping malls and department stores are located.

Somerset Garden City, Shenzhen is a 147-unit serviced residence located near the Shekou business district, close to many high-end office towers and major malls with a wide variety of retail, entertainment and dining choices. The property is near the Shekou Ferry Terminal, which is an hour away from Hong Kong’s Central or Kowloon by ferry.

Each of the apartments, which range from studios to three-bedroom units, come with a private balcony where guests can relax and unwind.

Mr Lim Ming Yan, who assumes his role today as the Chief Executive Officer of The Ascott Group, said, “It is a pleasant welcome to join Ascott on the day it opens two new properties in China. The addition of these properties reinforces Ascott’s leadership position as the largest international serviced residence owner-operator in China and signals our confidence in the Chinese market. We will be opening seven more new properties in China by 2010 and there will be no let up in our expansion in the country. Besides China, Ascott will also increase its presence in other countries to maintain its international leadership position.”

Mr Gerald Lee, CEO of Ascott Hospitality, the hospitality management arm of The Ascott Group, said, “Chongqing and Shenzhen are two key industrial hubs in China undergoing rapid urbanisation. Chongqing, with a population of 32 million, is rich in natural resources and is a leading production centre for automobiles and motorcycles. The municipality is a key gateway to China’s southwestern region. Shenzhen, in the prosperous southern Guangdong province, is an important finance and manufacturing hub in the Pearl River Delta. Ascott’s entry into Chongqing and Shenzhen will allow us to serve customers who are not only taking up long-term assignments in these two major cities but also those travelling on business trips to the two cities.”

Opening specials for Somerset JieFangBei, Chongqing range from RMB328++ per day for a studio executive apartment to RMB800++ per day for a two- bedroom executive apartment. Residents will enjoy complimentary breakfast and broadband internet access.

As for Somerset Garden City, Shenzhen, opening rates start at RMB380++ per day for a studio to RMB680++ per day for a three-bedroom deluxe apartment.

All apartments are decked out in modern fittings and designed to accommodate living and working from home. The residences come with a fully-equipped kitchen, an ensuite bathroom, home entertainment system and broadband internet access.

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