As widely reported, the sharing economy is here to stay, with websites such as Airbnb and HomeAway threatening traditional companies across the hospitality industry. But instead of fighting against the tide, ASAP Member Ascott is keeping up with it.

In August last year, it announced a joint venture with the Chinese equivalent of Airbnb, online apartment-sharing platform Tujia, bringing strength and volume to both offerings. Ascott can reach new markets with its global and Chinese properties online, Tujia can hand over some of its offline properties for Ascott to manage, and the joint venture will launch a new brand in China in early 2016.

Ascott has around 43,000 serviced residence units globally, up from over 33,000 two years ago, of which over 14,000 are in China.

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