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Thailand-based Onyx Hospitality Group and Sincere Holdings Group today announced the formation of a strategic partnership, aiming to boost the serviced apartments market across key Chinese cities.
Under this strategic partnership, Sincere Holdings Group will receive exclusivity rights from Onyx Hospitality Group to develop and open Shama serviced apartments, including those bearing the Shama Luxe and Shama Hub sub-brand names, in 12 key cities across China.
The brand hopes to expand into Shanghai, Shenzhen, Guangzhou, Beijing, Chengdu, Chongqing, Hangzhou, Nanjing, Suzhou, Tianjin, Wuxi and Xiamen.
The first two Shama serviced apartments to be developed as part of this partnership will be in Shanghai – Shama Hongqiao Shanghai in Minhang district and Shama Changfeng Shanghai in Putuo.
Both are slated to open in 2018.
Douglas Martell, president, Onyx Hospitality Group, said: “China is one of the world’s largest economies and a key market of growth for Onyx.
“We are thrilled to partner with Sincere Holdings Group, a highly respected market leader in the real estate industry, to expedite our expansion across China.
“This partnership brings together joint expertise from leaders in two different industries and will accelerate the growth of our Shama brand.
“It is a major milestone in our journey towards becoming the best medium-sized hospitality player in the Asia-Pacific region.”
Shama is a leading provider of premier serviced apartments.
It currently has 18 serviced apartments across Asia Pacific, including ten in the development pipeline in markets such as Australia and Malaysia.
Founded in 1994, Sincere Holdings Group has established a presence in key provinces and cities in China, including Beijing, Shanghai, Shenzhen, Chongqing, Hong Kong, Sichuan, Jiangsu, Henan, Hebei and Shandong, specialising in integrated services such as the development of real estate, the operation of urban complexes, urban transformation and lifestyle service.
To date, the group has developed more than 70 real estate projects, with a cumulative development volume of over 16 million square metres and strategic land reserves of over ten million square metres.
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