Singapore, 26 May 2021 – Building on the successful launch of Fraser Residence Chengdu in mid-2020, Frasers Hospitality, a member of Frasers Property Group, is set to continue on its steady growth course in China in key Chinese gateway cities.
Notable plans within the next four years include the upcoming opening of properties in first and second tier cities including the debut of Fraser Residence Chongqing, and the addition of Fraser Suites Pazhou, Guangzhou, Fraser Residence Shenzhen, Fraser Residence Nanjing, Fraser Residence Tianjin, Fraser Place Chengdu and Modena by Fraser Nanjing in cities where Frasers Hospitality has existing presence.
Recognised as the Best Serviced Residence Brand in China[1] and Best Luxury Serviced Apartment Operator in China[2], Frasers Hospitality currently operates 12 properties across 12 key gateway cities. The new signings will add seven properties to the group’s portfolio in these main cities and bring its total inventory in the country to over 4,500 keys.
“Despite the global economic slowdown caused by the COVID-19 pandemic, China remains the world’s second largest economy[3] and one of the most-watched inbound and outbound tourist markets[4]. As such, it will continue to play an integral role in our expansion plans as we seek to bring Frasers Hospitality’s trademark intuitive service and Gold-Standard residences to key cities globally,” said Mr Mark Chan, Chief Operating Officer of Frasers Hospitality.
Mr Chan added, “Our growth plans in the market are backed by the significant business potential we’re observing in China, which has remained steadfast amidst the challenges brought about by COVID-19. China was the only major economy in the world to have expanded in 2020, registering a 2.3 per cent[5] GDP growth, and is expected to continue on this upward trajectory in the coming years.
“We look forward to tapping on this strong recovery momentum and introduce more premier developments in China’s key and second-tier cities.”
As international travel halted in recent months, Chinese travellers have turned to domestic excursions to satisfy pent-up demand. During the recent Labour Day Holiday in early May, the country reported 230 million domestic trips, up 3 per cent from pre-pandemic figures.[6]
“Despite the current challenges, our properties in China have remained resilient as they are fuelled by a strong base of long stay corporate guests. At the same time, demand for our serviced apartments also appeal to shorter-term guests who are showing a preference for larger personal spaces and privacy. [7] The opening of Fraser Residence Chengdu was thus timed to capture opportunities stemming from the resumption of domestic travel, and we are encouraged to see the property’s occupancy achieve nearly 90 per cent shortly after its launch,” said Mr Chew Hang Song, Senior Vice President, Head of Operations – North Asia at Frasers Hospitality.
“We expect the demand for serviced apartments to continue to increase as safety, space, quality of accommodation and location continue to remain top priorities for travellers.[8] At Frasers Hospitality, the work that we do are anchored by our #FraserCares commitment to drive enhanced health, safety and well-being measures for our staff and guests. Even at the height of the pandemic, the group’s properties in China managed to remain open, with no staff or guest infected. The same rigorous discipline will be implemented in our new properties as we continue to stay vigilant and well-positioned to capture growing travel demand in China’s domestic market,” he added.
The group’s current portfolio in China also includes properties across Beijing, Changsha, Chengdu, Dalian, Guangzhou, Shanghai, Shenzhen, Tianjin, Wuhan, and Wuxi. The new openings bring the hospitality provider’s global portfolio to more than 120 properties in over 70 cities worldwide[9].