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. (For more biz stories, please visit Industry Updates) |
|