Ascott sells 2 properties in China

Ascott Group – the largest serviced residence operator in Asia and Europe – said it sold two Chinese properties to the Ascott Serviced Residence (China) Fund for US$46 million, the Shanghai Securities News reported. The Citadines Shanghai Biyun was sold for US$20 million in loans and cash, and the Somerset Youyi Tianjin for US$26 million including US$25 million of loans.