To boost CapitaLand’s digital offerings, its wholly owned serviced residence business unit, Ascott, is leading a consortium of investors to invest S$67.69 million (US$50 million) in Tujia.com International (Tujia), which is China’s largest online apartment sharing platform. 

 

Ascott will also form a joint venture with Tujia with an initial capital of S$54.15 million (US$40 million). This joint venture led by Ascott will operate and franchise serviced apartments in China. It will also provide Ascott with a pipeline of apartments units to expand its portfolio in China where it targets to achieve 20,000 units by 2020.

 

The Singapore-based real estate conglomerate has also formed a consortium of luminaries known as the  Technology Council consists of high-calibre digital visionaries is designed to boost digital efforts to drive its real estate business in China. 

 

The council members are notable venture capitalists Foo Jixun, Managing Partner of GGV Capital and David Su, Managing Partner of Matrix Partners China, both of whom have strong tech focus and a keen eye for the next tech game-changers; as well as Gabriel Lim, CEO of the Media Development Authority of Singapore, the agency key to Singapore’s Smart Nation vision in mapping innovative infocomm media solutions. Together, CapitaLand Technology Council intends to provide strategic critique of CapitaLand’s operations and insights to the digital universe.