Singapore's Ascott Group opened the Asia-Pacific region's first international-class serviced apartment in 1984 and opened its first property on the mainland - Somerset Olympic Tower in Tianjin - 14 years later.
Since then, it has continued to expand and has become the largest foreign serviced apartment operator in China, with more than 20 properties with 5,000 units across 12 cities - Beijing, Chongqing , Dalian , Guangzhou, Shanghai, Shenzhen, Shenyang , Suzhou , Tianjin, Xian , Wuhan and Hong Kong.
Ascott China managing director Lee Chee Koon said: 'China has been the biggest growth story for the past decade and the exponential growth rate is unlike anything we have seen before. The diversity of different regions, cities and local conditions makes the China market much more challenging.
'The serviced residence business model is different from hotels. We cater to all long-, medium- and short-stay guests. In general our business has been more resilient compared to other hospitality sectors as we cater mainly to extended-stay business travellers.'
Lee said that in the early years, customers chose to stay with Ascott because there were not many housing options available.
'Today, customers choose to stay with Ascott because we take care of all their needs - from the time they make a booking, to their arrival at the airport ... We also help with their daily living such as the setting up of bank accounts,' he said. 'We want our customers to feel just like at home, even though they may be miles away from home.'