Ascott Group aims to introduce new serviced residences to tap the increasingly affluent Chinese white-collar workers, according to a report in China Daily Business Weekly.
The Singapore-based serviced apartment operator said it intended to increase its share of China's serviced residence market from 10 per cent to 25 per cent by 2005.
Ascott chief operating officer Cameron Ong said: 'Besides our five-star-level Ascott and four-star Somerset Fortune Garden, which mainly serve Western residents, we will introduce a new serviced residence brand to attract Chinese managers. The market for Chinese residents is much larger and we can expand our business to inland cities such as Chengdu and Xian.'
The report said more mainland developers were developing serviced apartments. Many hotels, including the five-star China World Hotel, had extended their business to serviced residences.
Mr Ong said: 'We are very happy that more domestic developers are aware of the importance of developing serviced residences. It represents strong demand in the market.'
Ascott is the largest serviced residence chain in the Asia-Pacific, with more than 8,300 serviced units in 20 cities in 11 countries.
