Ascott has entered into a sale and purchase agreement with Jing Wealth Enterprises Limited to acquire a 100% stake in an existing serviced residence, Ying Biao Garden Apartment, located in Shanghai’s Pudong New District. The property will be branded as Citadines Shanghai Biyun and is targeted to re-open in the first half of 2008 with 182 units after refurbishment. The property is located at Lane 450, Hong Feng Road in Pudong. It is a five-minute and 10-minute drive from Jinqiao Export Processing Zone, and Zhangjiang High-Tech Park respectively.

In Xi’an, Ascott has signed a sale and purchase agreement with Skillplus Enterprise Pte Ltd to acquire a 75% stake in a building located at Beilin District, which will be developed into Citadines Xi’an Central. Ascott was awarded the contract to manage the 162-unit property in April last year. Located at No. 119, Zhubashi Street, Nanyuan Men in Beilin District, the property is a stone’s throw away to Xidajie Street, the main shopping street in Xi’an, and a 30-min drive to Xi’an National Hi-Tech Industrial Development Zone. The property is targeted to be opened in the second half of 2007.

Despite keen competition in China’s hospitality market, Ascott remains the largest leading international serviced residence company in China. These acquisitions will increase Ascott’s China portfolio by more than 340 serviced residence units to a total of about 3,700 units in 19 properties.