BIZCHINA / Overseas Investment
Singapore's Frasers to expand in China
(Shenzhen Daily)
Updated: 2006-12-14 09:25
Singapore-based serviced residence provider Frasers Hospitality Pte Ltd,
formerly known as Fraser Serviced Residences, is set to open two more
businesses in China next year as part of the company's efforts to extend
its global presence in Asian gateway cities.
��We are going to start a Fraser Place in Shanghai next July and a Fraser
Suites business in Nanjing next October,�� Bhupesh Yadav, regional
Director of Operations of Frasers Hospitality, told the Shenzhen Daily on
Saturday at the first anniversary ceremony of Fraser Corporate Residences
in Futian, Shenzhen, its first project in China.
Frasers kicked off its Shenzhen project in the city's CBD in November
2005, teaming up with Shenzhen Qinian Industry & Development Co Ltd, a
subsidiary of the country's biggest real estate company Beijing Capital
Development Holdings (Group) Co Ltd, which is a State-owned company with
total assets of 50 billion yuan (US$6.40 billion).
"Our occupation rate is 75 percent with 60 percent of the guests being
Japanese and those from Europe and the United States," said Jackson Feng,
general manager of Fraser Corporate Residences Futian, Shenzhen, which
earned nearly 10 million yuan in the past year, according to him.
In January 2006, Frasers opened Shenzhen Fraser Place in the city's most
international community Shekou in Nanshan District.
With complete-service business residence apartments worldwide, Frasers
Hospitality, the serviced residences managing section of Singapore-listed
consumer goods production group Fraser and Neave, Ltd, now operates three
styles of business residences, Faser Suites, Fraser Place and Fraser
Corporate Residences in Paris, London, Glasgow, Seoul, Singapore, Sydney,
Bangkok and Manila. It will expand to Tokyo, Bahrain and Dubai in the
near future, according to a company press release.
Jane Chew, regional general manager of Frasers, told the Shenzhen Daily
that Frasers' future projects in China will also include Beijing and
Tianjin in the north, and Chengdu in the southwest.
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