Frasers Hospitality will open ten new gold standard serviced residences across China by 2009.<\/p>\n
Of these ten properties, nine are management contracts with owners that include Yanlord, global private equity firm Carlyle, and COFCO, one of China's largest importers, manufacturers and exporters of food.<\/p>\n
The company, a wholly-owned subsidiary of Frasers Centrepoint, will itself invest a total of US$130 million in a prime property at the heart of Beijing\u00b9s central business district. The 23-storey building was purchased in June and will open as Fraser Suites Beijing in April 2008 with 357 luxurious serviced residences. The building was purchased from Chinese conglomerate COSCO, a Fortune Global 500 company.<\/p>\n
Frasers already operates two properties in Shenzhen. The 10 new serviced residences will be in Nanjing, Chengdu, Tianjin, Guangzhou, Shanghai, Hong Kong and Beijing.<\/p>\n
\"China is, simply, the biggest growth engine for the whole world economy,\" said Frasers' CEO Choe Peng Sum. \"China's foreign direct investment grew 12% to US$31.9 billion in the first half of 2007; and its cumulative FDI since the start of its opening-up policy in 1978 is a stunning US$750 billion. This basically means lots of potential for our industry and for our brand.\"<\/p>\n
Frasers Hospitality, a Singapore-based global brand of gold-standard serviced residences, targets business executives on medium- to long-term business projects.<\/p>\n","protected":false},"excerpt":{"rendered":"
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