Frasers Hospitality, an international serviced apartments and hotel residences owner and operator, will continue to vigorously expand its portfolio in China as it remains confident in the country's rise as a global economic powerhouse.
The Singapore-headquartered company plans to open 10 more properties in China's key cities within the next couple of years, apart from its existing China network which currently stands at 14 properties.
The new launches will be located in Tianjin, Wuxi, Chengdu, Shanghai, Shenzhen, Nanchang, Dalian and Changsha, and will cover three of its brand offerings including Fraser serviced residences, Modena by Fraser serviced residences and Capri by Fraser hotel residence brand.
"With the exponential growth that we have witnessed over the last 11 years, there is no question that China is, and will continue to be an integral growth market for Frasers Hospitality," said Choe Peng Sum, chief executive officer of Frasers Hospitality. "Our growth strategy is very much parallel to that of China's plans to develop new infrastructure and master planned cities as they present tremendous growth opportunities."
The strengthening of Frasers Hospitality's portfolio in China, which is right on track to reach its goal of 30 properties with 7,000 units by 2019, is a significant contributor to the company's global expansion target of 30,000 units by 2019.
The company's portfolio worldwide, including those in the pipeline, stands at 139 properties, or 22,800 units, across more than 80 cities, according to the company.
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