Frasers building on China's success

China's economic slowdown is a kind of adjustment for better development in the future, said Choe Peng Sum, CEO of Singapore-based Frasers Hospitality, a global hospitality asset management

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"Although China is facing a slowdown in economic growth, the development speed of the country is still eye-catching and I am confident about China's economy and market," said Choe at the opening ceremony of Modena Zhuankou Wuhan by Fraser brand on Tuesday.

With the latest property in Wuhan, capital of Hubei province, Frasers now operates 14 serviced residences across 10 cities in China: Beijing and Shanghai as well as Chengdu, Guangzhou, Nanjing, Shenzhen, Suzhou, Tianjin, Wuxi and Wuhan. Eight others are under construction.

"Wuhan is the growth center in Central China, and Zhuankou is a major base for global automakers, including Peugeot, Citroen and Renault," said Angela Huang, general manager of Modena Zhuankou Wuhan.

Nathalie Folorence Ms Conzelmann's husband, who works for Renault Wuhan plant, used to rent an apartment when he came to China alone one year ago. But when Nathalie and their daughter arrived in Wuhan recently, they moved into the newly opened Modena Zhuankou Wuhan.

"I love the decoration of the residence," said their daughter, a student at a high school that's about five-minute drive from the residence.

Japan's Niimi Takashi, who has been working in Bridgestone Wuhan plant for three and half years, moved with two other colleagues to Modena Zhuankou Wuhan from another serviced residence for better environment.

Demand for service residences continues to climb in second- and third-tier cities not only by foreign businessmen but also Chinese, as these properties are more spacious, cozier, quieter, safer and more private, Huang added.

"Since we opened our first residence in Shenzhen nine years ago, we have seen continuous growth in business every year," said James Wu, director of Sales & Marketing-China at Fraser Suites CBD-Beijing.

"Compared with other countries in the world, the Chinese market is comparatively healthy and I believe the market will expand due to strong consumption power," Wu added.

Modena Zhuankou Wuhan is a co-project between Frasers Hospitality and China Vanke Co Ltd, the largest residential developer in China. The residence has 172 apartments ranging in size from studios to three-bedroom units. Each is complete with a full-functioning kitchen, modern work space, stylish living area and a complete home entertainment system. There are also all-day dining restaurant, a games room, a fitness gym, round-the-clock reception and concierge services, games room as well as café and bar. Broadband Internet access is complimentary.