Ascott Group Ltd, Asia's largest serviced apartment operator, said yesterday it has bought the balance 50% of French serviced residence chain Citadines for 74.3 million euros, aiming to expand the brand into China.

Ascott, 68.9% owned by South-East Asia's biggest property and hotel group CapitaLand Ltd, bought an initial 50% stake in Citadines in February last year. 

Citadines operates more than 5,100 serviced apartments in major European cities like Paris, London, and Berlin. 

The Ascott group operates over 13,800 serviced apartments across 16 countries in 39 cities such as Beijing, Tokyo and London. Last July, it announced plans to grow its portfolio to 22,500 units by 2008. 

Ascott chief executive Eugene Lai said in a statement the plan was to launch Citadines into markets outside Europe, such as China.