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Investors - OCTOBER 15, 2020

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Ascott signs 12 more properties in China, enters Austria

by Released

CapitaLand’s wholly owned lodging business unit, The Ascott, has secured more than 2,100 new units across 12 properties in China in the last three months. With these new units, Ascott has added a record high of more than 5,600 units across 26 properties, which represent a 60 percent year-on-year growth in units in China. Globally, Ascott has sealed new contracts for more than 3,700 units across 22 properties, about 60 percent of which are from China and the rest are in various countries, including Austria and Indonesia.

Ascott is also seeing strong recovery in China on the operations front. Its apartment revenue in September 2020 performed close to 95 percent of that in September 2019. Meanwhile, Ascott has been maintaining a steady stream of openings as demand for extended-stay properties continues to grow. In 2020, Ascott has opened 17 properties with more than 2,400 units, with about half of these units in China.

Ascott’s resilient base of long-stay corporate gu

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