Apr. 30, 2007 (China Knowledge) – Singapore-based Ascott Group has sold its Maters Gold & Country Club in Guangzhou yesterday under a compulsory acquisition by the Chinese government.
It received a total cash compensation of S$199 million from the Guangzhou Land Office. The land is earmarked for the planned construction of the Guangzhou-Wuhan public railway lines.
The group, which has serviced residence operations in China, currently has about 4,000 serviced residences units in eight Chinese cities, and it hopes to reach 10,000 units by 2010. It recently acquired two properties in Shanghai and Xian and will invest up to US$44.6 million in the two developments.