HONG KONG SAR – Media OutReach Newswire – 29 February 2024 – J-Long Group Limited (Nasdaq: JL) (the “Company” or “J-Long”), today announced that its board of directors has declared a special dividend of an aggregate of US$6,000,000.00 out of the distributable funds of the Company, to be paid to all holders of record as of March 11, 2024, of its outstanding shares of common stock. The special dividend will be payable on March 12, 2024.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the Securities and Exchange Commission.
Hashtag: #JLongGroup
The issuer is solely responsible for the content of this announcement.
Encourage enterprises to establish regional headquarters to attract capital, companies, and talent holistically
The Budget for the 2024-25 fiscal year announced a full withdrawal of all demand-side management measures for residential properties with immediate effect, bringing positive factors to the economic recovery.
KPMG advises the government to conduct a comprehensive review of the tax system, taking into consideration Hong Kong’s future economic positioning, and to make corresponding adjustments to the tax policy.
HONG KONG SAR – Media OutReach Newswire – 29 February 2024 – KPMG welcomes the Hong Kong government’s Budget, recognising it as taking a balanced approach to development, addressing the needs of both citizens and businesses, which will effectively create opportunities and drive high-quality economic development in the city. Despite the forecast fiscal deficit being larger than expected, the government’s fiscal reserves remain healthy.
John Timpany, Head of Tax in Hong Kong, KPMG China, says: “The government proposes various strategies to increase revenue and contain expenditure. For example, the recently announced Productivity Enhancement Program is expected to trim 1% of recurrent government expenditure in each of the next two fiscal years, with the saved resources being reallocated internally. These stringent expenditure control measures are a prudent step. While unlikely to be welcomed, proposals such as resuming the collection of Hotel Accommodation Tax and introducing a two-tiered standard tax rate regime for salaries tax and tax under personal assessment will increase government revenue in the short term without significantly impacting the majority of citizens and businesses.”
Alice Leung, Tax Partner, KPMG China, says: “KPMG previously raised suggestion to the government regarding the profits tax allowances for industrial and commercial buildings and structures. We are pleased to see that the government has proposed optimizations in the Budget, including the removal of the time limit for claiming the allowances. Additionally, we welcome the government’s decision to completely eliminate the demand-side management measures for residential properties. These measures were originally implemented to curb speculative trading, which is no longer a critical concern. Since the Policy Address in October last year, which dialed back the measures, we have not seen a resurgence in speculative activity in the property market. Eliminating these cooling measures could bring positive momentum to the economy.”
Stanley Ho, Tax Partner, KPMG China, says: “KPMG welcomes the measures in the Budget, which aim to attract businesses, capital, and talent. This includes investing in innovative technologies and nurturing talent in the innovation and technology sector. To promote Hong Kong as an international innovation and technology centre, we are pleased to see the government’s continuing support and assistance to enable high value-added technology industries and enterprises to establish a foothold in the city.”
KPMG welcomes the reaffirmation of the government’s commitment to optimising tax incentives for funds and family offices, and recommends that the government launch and implement relevant plans as soon as possible to further promote the development of asset management in Hong Kong. In addition, KPMG recommends that the government comprehensively review the tax system to allow Hong Kong to maintain its competitiveness.
KPMG believes that the government could provide further tax incentives and exemptions to attract global companies to establish regional headquarters in Hong Kong, such as adopting 50% of the normal tax rate (i.e. 8.25%) for profits derived from regional headquarters in the city. Additionally, KPMG recommends introducing special tax loss measures, promoting investment in start-ups and scientific research projects, and easing the current stringent tax deduction conditions for interest payments to enhance the tax system.
Hashtag: #KPMGChina
The issuer is solely responsible for the content of this announcement.
About KPMG China
KPMG China has offices located in 31 cities with over 15,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. Working collaboratively across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.
KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.
KPMG firms operate in 144 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. KPMG was also the first among the Big Four in the Chinese Mainland to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong firm can trace its origins to 1945. This early commitment to this market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in KPMG’s appointment for multidisciplinary services (including audit, tax and advisory) by some of China’s most prestigious companies.
FILE: this image is used only for representational purpose (photo: Flickr)
Consider those moments when the thought crosses your mind: “If only there were more time today.” Today, however, presents us with precisely that: “more time.” This year, we’re granted an extra day—a leap day—appearing on our calendars every four years.
HONG KONG SAR – Media OutReach Newswire – 29 February 2024 – TUMI, the leading international travel, lifestyle and accessories brand, is venturing further into the world of performance luxury with the launch of a premium collection of golf bags and accessories. An extension of TUMI Sport, the new Golf collection delivers strength and hyper-functionality, fueling peak performance for golf competitors and enthusiasts alike.
Encompassing a total golf-travel solution, the assortment enables players to enjoy the brand’s legacy of flawless functionality, unmatched quality and uncompromising attention to detail both on and off the course. Offered in black and off-white/tan, the collection includes the Golf Cart Bag, Golf Stand Bag, Golf Range Bag and Golf Hardside 2 Wheeled Travel Case as well as duffels, totes, club covers and more. Select items can be monogrammed for an additional element of personalization.
(L to R): TUMI Golf Cart Bag in Black and Golf Stand Bag in Off-White/Tan.
“At TUMI, we are committed to perfecting customers’ journeys as they pursue their passions. We know a lot of our customers are avid golfers, whether conducting business outside of the boardroom or enjoying the challenge of the game. We wanted to ensure all the details and qualities that draw people to TUMI are encompassed in a golf collection that is as durable and functional as any of our travel pieces, without sacrificing the luxury that is emblematic of the sport,” said Victor Sanz, Global Creative Director of TUMI.
Featuring ultra-protective FXT Ballistic Nylon and a multitude of interior and exterior organization pockets, TUMI’s Golf bags are designed with all the game-enhancing features golfers need and more. The Golf Cart Bag fits up to 14 clubs with room for additional golf essentials. The utility-driven design includes a variety of pockets for gear, drinks, valuables, a USB-C charging port, and protective rain cover.
For the golfer who walks or carts the course, the Golf Stand Bag comes equipped with removable padded backpack straps for comfortable one-shoulder or dual-shoulder carry. With room for 14 clubs, it provides ample organization and USB-C charging capabilities.
When traveling, the Golf Hardside2 Wheeled Travel Case accommodates the Cart or Stand Bag with room to spare for additional apparel or accessories. The ultra-durable polycarbonate shell absorbs impact while the top and side grip handles make it easy to transport. Other highlights of the collection include the Golf Duffel, which also converts to a backpack, and the 3 Pack Golf Club Cover Set made to fit a Driver, Wood and Hybrid club – perfect for gifting with their premium packaging and monogrammable capabilities.
In a testament to TUMI’s ongoing commitment to providing quality products for the world’s top athletes, along with the launch of the Golf collection the brand has been named the “Official Luggage” of the PGA TOUR and the LPGA. The multiyear partnerships with the world’s premier golf organizations follow TUMI’s affiliation with other leading sporting groups such as Premier League club Tottenham Hotspur, McLaren Racing and the Professional Tennis Players Association.
Golf enthusiasts and TUMI fans alike can experience the full Golf collection from February 29 to March 3, 2024 at the LPGA Tour’s HSBC Women’s World Championship at the Sentosa Golf Club in Singapore. TUMI will be hosting its first-ever on-site experience at the tournament featuring product previews, VIP and influencer appearances, and additional on-site programming.
“We are thrilled to partner with the PGA TOUR and the LPGA to support their organizations and athletes in pursuit of excellence. With TUMI being an international lifestyle brand, we value these two global partnerships and it gives us great pleasure to be involved with the LPGA’s HSBC Women’s World Championship in Singapore, as well as other global events around the world in the future. We are committed to empowering our customers and athletes alike with the best in performance luxury wherever their journeys take them,” said Jill Krizelman, Senior Vice President of Global Marketing and eCommerce at TUMI.
Shop the new Golf collection at TUMI stores worldwide and at TUMI.com. Keep up with TUMI on Instagram and Facebook.
Hashtag: #TUMI
The issuer is solely responsible for the content of this announcement.
About TUMI
Since 1975, TUMI has been creating world-class business, travel and performance luxury essentials, designed to upgrade, uncomplicate and beautify all aspects of life on the move. Blending flawless functionality with a spirit of ingenuity, we’re committed to empowering journeys as a lifelong partner to movers and makers in pursuit of their passions.
China police officers escort telecommunications fraud suspects from a charted plane arriving from Laos at the Zhengzhou Xinzheng International Airport in Henan Province in this file picture from 11 September, 2023. (photo: Li Hao)
Lao and Chinese authorities collaborated to dismantle seven online fraud operations entrenched in Laos, resulting in the arrest of 268 Chinese telecom fraud suspects who were subsequently transferred to China, as announced by China’s Ministry of Public Security on 28 February.
HONG KONG SAR – Media OutReach Newswire – 29 February 2024 – DYXnet, a wholly-owned subsidiary of VNET Group (NASDAQ: VNET), is pleased to announce the launch of its new point-of-presence (PoP) in Dubai, United Arab Emirates. This strategic undertaking endeavours to expand its global network coverage to the Middle East regions. The new PoP will provide enterprise customers with comprehensive and integrated “Network, Cloud, Security” services, enabling them to capitalize on emerging markets and satisfy their vigorous needs for global expansion.
Seizing Business Opportunities in the Emerging UAE Market
The UAE presents unprecedented opportunities and advantages for economic growth, driven by its young population, high internet penetration rate of up to 99%, and per capita GDP ranking among the highest in the world. According to data from the Southeast Asia Research Center of the Industrial and Commercial Bank of China, the UAE’s per capita GDP reached $53,700 in 2022, ranking 17th globally. The country’s multifaceted advantages have attracted significant investments from companies across the globe, including notable investments from China. In fact, Chinese companies’ investment flow into the UAE reached $1.61 billion in 2022, representing an 80% year-on-year increase.
As a leading one-stop network, cloud, and security service provider in the Greater China region, DYXnet, in synergy with its parent company VNET Group, is committed to addressing the needs of enterprises seeking cross-border business development in the UAE and the neighbouring Middle East region. With robust infrastructure, resources, and services, DYXnet empowers customers to effectively seize the enormous opportunities of fast-growing markets.
Integrating Services with AI Technologies and Empowering Digital Transformation and Global Expansion
DYXnet’s global network currently spans over 200 network PoPs in more than 100 cities worldwide, with several upgraded to SASE PoPs in core cities, offering advanced security features. Leveraging its robust backbone network infrastructure and abundant resources, DYXnet delivers a full spectrum of integrated network, cloud, and security services across over 700 cities across continents. To cater to the diverse demands of enterprises expanding into the UAE and neighbouring countries, DYXnet provides a comprehensive set of ICT solutions, including SD-WAN enterprise networks, SASE security services, and cloud connectivity. Enterprises can enjoy reliable and stable connectivity, alongside elevated levels of security, by connecting to DYXnet’s backbone through any nearby PoP. Additionally, DYXnet offers a full range of support services, including project planning and implementation, as well as managed services, such as the Network Operations Center (NOC) and Security Operations Center (SOC). These services assist enterprise customers in formulating long-term development strategies and achieving successful overseas expansion.
Furthermore, DYXnet diligently integrates AI technologies with its solutions and services to meet the rising demand for AI tools to achieve intelligent upgrades. DYXnet has developed next-generation services, including self-developed InsightNet intelligent networks, SASE AI security capabilities, and DYXnet ChatV AI assistant. With its abundant backbone resources, DYXnet will continue to drive intelligent innovation in various business scenarios and domains, taking enterprise customers’ digital transformation to new heights.
This year marks the 25th anniversary of the establishment of DYXnet. The launch of the Dubai network PoP not only signifies the expansion of DYXnet’s service coverage in the Middle East region but also represents a significant milestone in its global presence. In line with the global trend of expanding business in emerging markets, DYXnet is committed to strengthening its infrastructure in other Middle Eastern countries and neighbouring areas and accelerating the integration of AI with its network, cloud, and security services, establishing a solid foundation for intelligent transformation, and bringing competitive advantages to enterprise customers entering the Middle East markets. Hashtag: #DYXnet
The issuer is solely responsible for the content of this announcement.
About DYXnet
Established in 1999 in Hong Kong and later becoming a wholly-owned subsidiary of VNET Group (NASDAQ: VENT) in 2014, DYXnet is a prominent ICT service provider in Hong Kong and the Asia Pacific region. It offers innovative technologies and solutions to enterprises of all sizes, enabling them to fully embrace digital transformation. With a comprehensive service portfolio that includes enterprise networks (MPLS and SD-WAN), cloud solutions, data center services, and cybersecurity solutions, DYXnet empowers businesses to unlock their true potential.
As a pioneer in the field, DYXnet was one of the first ICT service providers in the region to obtain prestigious ISO certifications, including ISO/IEC 27001, ISO/IEC 20000-1, and ISO 9001. Additionally, DYXnet is one of the first official members of the China Cross-border Data Telecommunications Industry Alliance and has played a significant role as one of the initial SD-WAN service standard drafting units.
HONG KONG SAR – Media OutReach Newswire – 29 February 2024 – Economist Impact’s fourth annual Technology for Change Asia brought together more than 450 technology chiefs, innovators, investors, scientists and senior business representatives for two days in Hong Kong on February 27th and 28th. Chaired by The Economist Group’s moderators, a cohort of 50 expert speakers delved into the latest technology solutions impacting businesses, societies, and economies.
Tom Standage, deputy editor, The Economist
Opening the event, Tom Standage, deputy editor, The Economist said: “Technology has a very welcome spot in a world that is currently beset by uncertainty and conflict. From AI to medicine to electrical vehicles to solar power, the pace of progress is defying expectations. It’s a cause for optimism when it comes to technology’s ability to change things for the better. A lot of people worry it’s going to take jobs, or somehow turn evil, or wipe out humanity. But I’m not gloomy about Artificial Intelligence (AI)…it reduces the difference of quality between the best and the rest. AI has the intriguing opportunity to reduce inequality instead of increasing it. Technological progress is driving positive change. Technological innovations have the ability to transform lives and to foster social and economic development, to improve healthcare and to hasten the achievement of the UN’s Sustainable Development Goals.”
In an opening ministerial keynote address, Professor Sun Dong, Secretary for Innovation, Technology and Industry, Government of the Hong Kong Special Administrative Region said: “As we enter a new era of technological revolution and industrial transformation, with AI in particular charting the way, Hong Kong is striving to become an international innovation and technology (I&T) hub…The future is all about AI. The trend of AI technology including generative AI has brought gigantic opportunities as well as challenges worldwide. No doubt, AI technology can enhance work productivity and enterprise efficiency with limitless potential for application.
The second of discussions examined the opportunities provided by AI. Michio Kaku, theoretical physicist, activist, futurologist, and popular-science writer said: “Now is the time to look at quantum computing… to understand your potential and the issues in the market. If you miss the boat, you’re out.”
Taking place in Hong Kong with a commitment to return for another two years, Economist Impact’s 4th annual Technology for Change Asia united over 450 solutions-oriented leaders to explore the latest innovations in artificial intelligence, Web3, DeFi and crypto, and the future of work in applying technology for impact.
The event is sponsored by Ernst & Young and TATA Communications, and is supported by Brand Hong Kong, The Hong Kong Tourism Board, InvestHK and StartmeupHK. Live translation into Cantonese and Putonghua is offered by KUDO. Hashtag: #EconomistImpact #technology #AI #innovation #IT #EconTechforChange
The issuer is solely responsible for the content of this announcement.
About Economist Impact
Economist Impact empowers businesses, governments and foundations to catalyse change and enable progress. Uniting the expertise The Economist Group is known for under a single brand, Economist Impact brings together policy research and insights, data visualisation, custom storytelling, events and media. Economist Impact combines the rigour of a think tank with the creativity of a media brand, engaging an influential audience in the areas of sustainability, healthcare and new globalisation. Visit www.economistimpact.com for more information.
New C-suite leadership appointments to supercharge growth as a global hospitality company
SINGAPORE – Media OutReach Newswire – 29 February 2024 – The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), announced a 28% year-on-year increase in fee-related earnings (FRE) to S$331 million, up from S$258 million in FY 2022. The announcement was made during CLI’s Full Year 2023 Financial Results which saw Ascott as a key contributor of FRE to CLI’s overall business. Ascott also achieved the highest number of property openings with nearly 9,600 units turning operational in the same year. Riding on a strong momentum of travel recovery, Revenue per Available Unit (RevPAU) grew 20% over 2022 from higher average daily rates and occupancies. 77 new properties across all brands were signed in 2023. The strong growth trajectory enabled Ascott to surpass its year-end target and secured 160,000 units earlier than expected in March.
“Ascott had a record year of fee earnings and property openings in 2023. The strong performance was underscored by our diverse portfolio of brands and strategic presence in new destinations. This is an important milestone to mark Ascott’s transformative journey to become a global leader in hospitality, as we celebrate 40 years of service this year. Harnessing our extensive network of third-party owners and in-market expertise, Ascott remains focused on driving asset light growth organically through management and franchise agreements. In 2023, 38% of new agreements signed were with existing owners, a demonstration of their confidence in us. At the same time, we are seeking out transformative deals which can accelerate our expansion. We will continue to build upon our portfolio of global brands to drive higher quality growth. This puts us well on track to achieve our target of more than S$500 million in fee earnings by 2028,” said Mr Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging.
Riding on the momentum of a record growth year, Ascott is strengthening its top leadership team with new C-suite appointments. These appointments will bolster and capitalise operations, commercial, strategic planning, and hospitality design efforts. They will be part of the Ascott Leadership Council, which is led by Mr Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging.
“Ascott is tapping into our experienced leadership bench to lead the charge in our next phase of growth as a global integrated lodging operator. This series of executive appointments is Ascott’s commitment to our owner and franchise communities, and to our guests, that we will be offering more best-in-class products and services to meet the strong consumer demand of modern travellers. With our flex-hybrid hotel-in-residence model, Ascott will continue to break new ground to meet travel needs across all stay purposes globally. Having a strong senior leadership team is integral to us achieving this vision,” added Mr Goh. Mr Lee Ngor Houai Chief Operating Officer, Europe, Middle East, Africa (EMEA), South Asia and China, Ascott
Mr Lee, Managing Director of Europe, Ascott, has been appointed as Chief Operating Officer, Europe, Middle East, Africa (EMEA), South Asia and China, Ascott. In his newly expanded role, Mr Lee is responsible for leading growth and overseeing operations in these key regions for Ascott. China is Ascott’s largest market with more than 47,000 units spanning over 200 properties, while EMEA and South Asia with India are emerging markets of high potentials that will propel the company’s portfolio strength. In Europe, Mr Lee continues the focus on a wider growth strategy to scale Ascott’s suite of brands across key destinations through both management and franchise management.
In addition, Mr Lee takes on digitalisation, business insights and operational excellence at the global corporate level. He will lead the drive for stronger alignment across Ascott’s global teams to ensure cross-country synergies for streamlined processes, resource optimisation, and seamless execution. Ms Tan Bee Leng Chief Commercial Officer, Ascott Managing Director, Digital Ventures, CapitaLand Investment
In her role as Chief Commercial Officer for Ascott, Ms Tan leads the company’s ecosystem of revenue-generation and brand-related functions. The Commercial Services team comprises Global Sales, Revenue & Distribution Management, Brand & Marketing, Loyalty & Partnerships, Digital Experience, as well as Public Relations & Communications.
Over the last two years, Ms Tan successfully led a global Brand360 exercise to strengthen Ascott’s portfolio through sharpened brand stories and the introduction of signature experiences and programmes unique to each brand. With evolving traveller expectations, Ascott has been on a journey of redefining its brands to drive brand relevance and affinity with guests. With each brand distinctively positioned, Ascott is primed to expand its offerings in the hotels and resorts space in its next phase of accelerated growth.
Driving tech-forward hospitality, Ms Tan led the revamp of Ascott brand website and the launch of a booking app to support its fast growing loyalty platform – Ascott Star Rewards (ASR). Amongst the many innovative offerings was the unveiling of a generative AI-powered web chatbot. Named after Ascott’s mascot Cubby, the chatbot is designed to deliver on improved booking experiences and drive direct bookings on DiscoverASR.com. It plays the role of a ‘travel buddy’ to all guests, making travel planning and booking more personalised and seamless.
Ms Wong Kar Ling Chief Strategy Officer, Ascott and Managing Director, Southeast Asia, Ascott
As Chief Strategy Officer, Ms Wong drives the development of Ascott’s global strategy and seeks opportunities to chart the course of growth through strategic initiatives including mergers and acquisitions, transformation, and partnerships. This is with the aim to accelerate expansion and provide Ascott with immediate access to new markets, diverse customer bases, and valuable synergies.
In 2022, Ms Wong led the acquisition of Oakwood Worldwide, and subsequently the successful integration of the brand into Ascott’s operational framework, enhancing the overall financial performance of the Oakwood portfolio post-acquisition. The brand portfolio has expanded by more than 20% since, making it one of Ascott’s fastest growing global brands with over 20 new signings. Ms Wong also oversaw the acquisition of the New Zealand master-franchise for Quest Apartment Hotels in 2023. The acquisition provided an immediate contribution to Ascott’s recurring fee income stream.
In addition, Ms Wong drives the capital recycling of Ascott’s assets and oversees the development of new markets, capabilities, and products to enhance the company’s portfolio and offerings. She also identifies strategic partnerships that will strengthen Ascott’s market position. Ms Wong continues to lead the team in Southeast Asia to drive all regional business, operations, and growth.
Mr Leong Teng Wui Chief Design & Technical Officer, Ascott
Mr Leong leads Ascott’s Product & Technical Services team as Chief Design & Technical Officer, overseeing the alignment of building and design standards across the global portfolio. With a role to push the boundaries of design innovation by flexing through product and room mix such as the adoption of new room models, facilities and features, Mr Leong plays an integral part in supporting Ascott’s flex-hybrid hotel-in-residence concept. The highly adaptable model provides agility for Ascott to respond to market demands and optimise occupancy for revenue growth.
With sustainable accommodation being an integral part of Ascott CARES, Ascott’s sustainability framework, Mr Leong will also spearhead the adoption of next-generation hospitality design. Integrated with environmentally friendly features, these designs seek to manage energy and water consumption, and reduce carbon emission.
Other Ascott Leadership Council members include:
Ms Beh Siew Kim Chief Financial & Sustainability Officer, Lodging, CapitaLand Investment Managing Director, Japan and Korea, Ascott Overseeing the finance, treasury, investor relations and sustainability functions of Ascott, in addition to a dual role driving the business, operations and growth in Japan and Korea, Ms Beh is also a non-independent, non-executive director of CapitaLand Ascott Trust (CLAS).
Ms Serena Lim Chief Growth Officer, Ascott In driving continued opportunities to extend Ascott’s geographic reach across key growth markets, Ms Lim leads the global business development team to steer and manage the company’s growth in management and franchise contracts globally.
Ms Serena Teo Chief Executive Officer, CapitaLand Ascott Trust Ms Teo is responsible for leading the strategic planning and implementation of investment and operational strategies for CapitaLand Ascott Trust, the largest lodging trust in Asia Pacific with an asset value of S$8.7 billion as at 31 December 2023. She also oversees the asset management, finance, investor relations and sustainability functions.
Mr Mak Hoe Kit Managing Director, Lodging Private Equity Funds, CapitaLand Investment Mr Mak is responsible for driving the growth of private equity investment and fund management for CapitaLand Investment’s lodging business. This includes the establishment and expansion of lodging private funds such as CapitaLand Ascott Residence Asia Fund II, Ascott Serviced Residence Global Fund and Student Accommodation Development Venture, with a combined target equity size of US$1.35 billion (S$1.8 billion).
Mr David Mansfield Managing Director, Australia, Ascott Mr Mansfied oversees Ascott’s managed operations in Australia, in addition to ongoing global leadership of business format franchise brand, Quest Apartment Hotels, which comprises over 170 properties in Australia, New Zealand, Fiji and the United Kingdom.
Mr Tan Tze Shang Managing Director, Special Projects and Senior Advisor to Ascott China A veteran with about 20 years of experience in China, Mr Tan provides counsel and guidance on China-related matters. He also leads and oversees key organisational projects to ensure strategic alignment and provides implementation support at the executive level.
Mr Joseph Wong Managing Director, China, Ascott Effective 26 March 2024, Mr Wong will lead the team to oversee and drive all business, operations, and growth of the company in China. He will be reporting to Mr Lee Ngor Houai, Chief Operating Officer, EMEA, South Asia and China, Ascott.
Mr Vincent Miccolis Managing Director, Middle East, Africa, Turkey and India (MEATI), Ascott Reporting to Mr Lee Ngor Houai, Chief Operating Officer, EMEA, South Asia and China, Ascott, Mr Miccolis leads the team in MEATI to drive all business, operations, and growth in the region.
The issuer is solely responsible for the content of this announcement.
About The Ascott Limited
Since pioneering Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with about 950 properties globally. Headquartered in Singapore, Ascott’s presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.
Ascott’s diversified accommodation offerings span serviced residences, coliving properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello. Through Ascott Star Rewards (ASR), Ascott’s loyalty programme, members enjoy exclusive privileges and offers at participating properties.
A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.
This year, Ascott marks 40 years in hospitality service with the launch of Ascott Unlimited, a full year campaign that will offer Unlimited Opportunities, Unlimited Choices, Unlimited Freedom, and Unlimited Good. Navigating a future of unlimited possibilities against a backdrop of global change and evolving perspectives of travel, Ascott Unlimited marks Ascott’s ambitions to break new ground, and springboard to its next chapter of growth as a global hospitality company. Find out more about Ascott Unlimited at www.discoverasr.com/ascottunlimited.
About CapitaLand Investment Limited (www.capitalandinvest.com)
Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real asset manager with a strong Asia foothold. As at 31 December 2023, CLI had S$134 billion of assets under management as well as nearly S$100 billion of funds under management (FUM) held via six listed real estate investment trusts and business trusts and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics, self-storage and data centres.
CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and commercial management, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand’s development arm.
As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.