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SERVICE apartment operator The Ascott Group yesterday said it was awarded a contract by Shanghai Li Xing Real Estate Development Co to manage a new premier property in Shanghai.
Shanghai Li Xing Real Estate Development Co is part of Lai Fung Holdings, a Hong Kong-listed property development and investment company.
The new property, the 282-unit Ascott Shanghai, is part of the Hong Kong Plaza, an existing integrated lifestyle development that comprises shopping, entertainment and offices.
It is within walking distance from Xintiandi, a well-known entertainment, shopping and dining district with a wide range of cafes, restaurants, boutiques and bars.
Ascott Shanghai, scheduled to open in 2010, is located in Huaihai Zhong Road, Luwan District, one of the most vibrant shopping areas in Shanghai. It is also near the Huangpi Nan subway station and People's Square which houses an exhibition centre, theatres and museums.
Liew Mun Leong, deputy chairman of The Ascott Group and president and chief executive officer of listed CapitaLand, said the group was working with Lai Fung Holdings to scale up its presence in China.
He said Ascott's latest management contract is in line with its strategy of growing its portfolio by managing premier properties for partners.
With this latest addition, Ascott will have more than 5,300 units in 27 properties in 12 cities across China.
Jennie Chua, Ascott's president and chief executive officer, said the group planned to open a total of 10 properties across China by end-2010.
Ascott Shanghai is Ascott's fifth service residence property in Shanghai, and sixth Ascott-branded property in China.
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