CapitaLand Limited’s wholly owned serviced residence business unit, The Ascott Limited, is leading a consortium to invest US$50 million ($67.69 million) in Tujia.com International.
Tujia, dubbed the Chinese equivalent of home-rental website Airbnb, is the fastest and largest growing online apartment sharing platform in China.
The collaboration is part of the initiatives under CapitaLand’s newly formed Technology Council, which aims to drive its real estate business through stronger digital offerings.
Ascott and Tujia will form a joint venture with an initial capital of $54.15 million. The Ascott-led JV will operate and franchise serviced apartments in China, as well as provide a healthy pipeline of apartments units for Ascott to expand its portfolio in China where it targets to achieve 20,000 units by 2020.
It also plans to make its three serviced residences - Ascott, Citadines and Somerset - available on Tujia’s website for booking. Tujia’s apartment sharing site has over 310,000 apartments in 388 travel destinations, and is valued at more than US$1 billion ($1.37 billion). The site mainly caters to business travel within and outside China, apart from holiday-goers. Tujia also operates some apartments for owners for a fee and franchises its business to third-party operators.
Under the deal, Ascott will operate serviced apartments in cities of China under a new brand. This will include new properties and Tujia’s serviced apartments that are deemed suitable for conversion.
Ascott is the largest international serviced residence owner-operator in China with over 14,000 apartment units in 77 properties over 24 cities.
CapitaLand’s Technology Council is made up of venture capitalists Foo Jixun, Managing Partner of GGV Capital and David Su, Managing Partner of Matrix Partners China and Gabriel Lim, CEO of the Media Development Authority Singapore.
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Tujia, dubbed the Chinese equivalent of home-rental website Airbnb, is the fastest and largest growing online apartment sharing platform in China.
The collaboration is part of the initiatives under CapitaLand’s newly formed Technology Council, which aims to drive its real estate business through stronger digital offerings.
Ascott and Tujia will form a joint venture with an initial capital of $54.15 million. The Ascott-led JV will operate and franchise serviced apartments in China, as well as provide a healthy pipeline of apartments units for Ascott to expand its portfolio in China where it targets to achieve 20,000 units by 2020.
It also plans to make its three serviced residences - Ascott, Citadines and Somerset - available on Tujia’s website for booking. Tujia’s apartment sharing site has over 310,000 apartments in 388 travel destinations, and is valued at more than US$1 billion ($1.37 billion). The site mainly caters to business travel within and outside China, apart from holiday-goers. Tujia also operates some apartments for owners for a fee and franchises its business to third-party operators.
Under the deal, Ascott will operate serviced apartments in cities of China under a new brand. This will include new properties and Tujia’s serviced apartments that are deemed suitable for conversion.
Ascott is the largest international serviced residence owner-operator in China with over 14,000 apartment units in 77 properties over 24 cities.
CapitaLand’s Technology Council is made up of venture capitalists Foo Jixun, Managing Partner of GGV Capital and David Su, Managing Partner of Matrix Partners China and Gabriel Lim, CEO of the Media Development Authority Singapore.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at :
info@epicresearch.sg
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