Serviced Apartment Portfolio. Xxx Xxxx XXXX’s serviced apartment portfolio comprises Xxx Xxxxx Xxxxxxxxxx xx Xxxxxxx Xxxxxxxx Xxxxx and The Residences at Sofitel Shenyang Lido. During the Reporting Period, revenue amounted to RMB90 million (2020: RMB95 million). NPI was RMB42 million (2020: RMB48 million). Xxx Xxxxx Xxxxxxxxxx xx Xxxxxxx Xxxxxxxx Xxxxx is one of the largest serviced apartment developments in downtown Beijing. During H1 2021, the inventory of apartment units increased to 836 units after the conversion of a number of hotel rooms. The number of units leased was up by 7.2% year-on-year. Average occupancy rate was 81.9% based on the enlarged unit inventory (2020: 84.2%). The expatriate market had been a vital source of revenue for The Tower Apartments. Entry visa and border controls for foreigners to China, especially Beijing, were very strict due to the pandemic controls. The number of new expatriate tenants at The Tower Apartments dropped as compared to pre-pandemic period. The Tower Apartments focused on the rapidly-growing affluent domestic market, including those from both Beijing and other Chinese cities. In Shenyang, The Residences at Sofitel Shenyang Lido offers 134 apartment units for leasing. The newly- launched project has been building up its brand and occupancy rate during H1 2021. Average occupancy rose to 66.0% from 51.1% a year earlier. With a dedicated entrance, lobby and exclusive guest lifts, serviced apartment guests can enjoy a new level of privacy, comfort and convenience. INTERIM REPORT 2021 13
Serviced Apartment Portfolio. Hui Xian REIT’s serviced apartment portfolio comprises (i) The Tower Apartments at Beijing Oriental Plaza, one of Beijing’s largest serviced apartment developments and (ii) The Residences at Sofitel Shenyang Lido. NPI was RMB48 million (2018: RMB47 million) during the Reporting Period.
Serviced Apartment Portfolio. Hui Xian REIT’s serviced apartment portfolio consists of Xxx Xxxxx Xxxxxxxxxx xx Xxxxxxx Xxxxxxxx Xxxxx and The Residences at Sofitel Shenyang Lido. During the Reporting Period, the portfolio’s revenue was up by 12.3% year-on-year to RMB93 million and NPI increased 1.2% year-on-year to RMB48 million.
Serviced Apartment Portfolio. The leasing business of serviced apartment was also affected by the COVID-19 pandemic, though to a lesser extent than the other sectors. Due to the travel restrictions and lockdown, fewer site inspections for prospective tenants could be arranged. Thus, it became more difficult to recruit new tenants. In addition, expatriates who are a target market cannot travel to China. Hui Xian REIT’s serviced apartment portfolio comprises two projects and NPI was RMB48 million (2019: RMB48 million) during the Reporting Period. The Towers Apartment at Beijing Oriental Plaza, one of Beijing’s largest serviced apartment developments, has a total inventory of 809 units, spreading across four towers. Despite the leasing challenges, occupancy rate was maintained at 84.2% (2019: 84.8%) due to its reputation and central location in downtown Beijing. Over in Shenyang, the newly-launched “The Residences at Sofitel Shenyang Lido” which offered 134 serviced apartment units started to build up its occupancy and brand awareness. Occupancy rate was 52.5%.
Serviced Apartment Portfolio. Hui Xian REIT’s serviced apartment portfolio encompasses Xxx Xxxxx Xxxxxxxxxx xx Xxxxxxx Xxxxxxxx Xxxxx and The Residences at Sofitel Shenyang Lido. During the Reporting Period, revenue was up by 2.4% year-on-year to RMB95 million. NPI amounted to RMB48 million (2019: RMB48 million). Xxx Xxxxx Xxxxxxxxxx xx Xxxxxxx Xxxxxxxx Xxxxx offers a total inventory of 809 units for leasing and is one of the largest serviced apartment developments in downtown Beijing. Occupancy rate was 84.2% (2019: 84.8%). The newly-launched “The Residences at Sofitel Shenyang Lido” features 134 fully-furnished units for leasing. Occupancy rate was 52.5%. With a dedicated entrance, lobby and exclusive guest lifts, serviced apartment guests can enjoy a new level of privacy, comfort and convenience.
Serviced Apartment Portfolio. Retaining Tenants through Enhanced Services Hui Xian REIT’s serviced apartment portfolio comprises: (i) Xxx Xxxxx Xxxxxxxxxx xx Xxxxxxx Xxxxxxxx Xxxxx (836 units) and
Serviced Apartment Portfolio. Hui Xian REIT’s serviced apartment portfolio consists of (i) Xxx Xxxxx Xxxxxxxxxx xx Xxxxxxx Xxxxxxxx Xxxxx and (ii) The Residences at Sofitel Shenyang Lido. During the year, revenue amounted to RMB180 million (2020: RMB178 million). NPI was RMB86 million (2020: RMB85 million). Xxx Xxxxx Xxxxxxxxxx xx Xxxxxxx Xxxxxxxx Xxxxx is one of the largest serviced apartment developments in downtown Beijing offering a total of 836 units for leasing. Average occupancy rate was 82.7% (2020: 82.1%) during the year.
Serviced Apartment Portfolio. Xxx Xxxx XXXX’s serviced apartment portfolio comprises The Tower Apartments at Beijing Oriental Plaza and The Residences at Sofitel Shenyang Lido. During the Reporting Period, revenue amounted to RMB90 million (2020: RMB95 million). NPI was RMB42 million (2020: RMB48 million). The Tower Apartments at Beijing Oriental Plaza is one of the largest serviced apartment developments in downtown Beijing. During H1 2021, the inventory of apartment units increased to 836 units after the conversion of a number of hotel rooms. The number of units leased was up by 7.2% year-on-year. Average occupancy rate was 81.9% based on the enlarged unit inventory (2020: 84.2%). The expatriate market had been a vital source of revenue for The Tower Apartments. Entry visa and border controls for foreigners to China, especially Beijing, were very strict due to the pandemic controls. The number of new expatriate tenants at The Tower Apartments dropped as compared to pre-pandemic period. The Tower Apartments focused on the rapidly-growing affluent domestic market, including those from both Beijing and other Chinese cities. In Shenyang, The Residences at Sofitel Shenyang Lido offers 134 apartment units for leasing. The newly- launched project has been building up its brand and occupancy rate during H1 2021. Average occupancy rose to 66.0% from 51.1% a year earlier. With a dedicated entrance, lobby and exclusive guest lifts, serviced apartment guests can enjoy a new level of privacy, comfort and convenience. INTERIM REPORT 2021 13
Serviced Apartment Portfolio. Retaining Tenants through Enhanced Services Xxx Xxxx XXXX’s serviced apartment portfolio comprises: (i) The Tower Apartments at Beijing Oriental Plaza (836 units) and
Serviced Apartment Portfolio. Xxx Xxxx XXXX’s serviced apartment portfolio consists of (i) The Tower Apartments at Beijing Oriental Plaza and (ii) The Residences at Sofitel Shenyang Lido. During the year, revenue amounted to RMB180 million (2020: RMB178 million). NPI was RMB86 million (2020: RMB85 million). The Tower Apartments at Beijing Oriental Plaza is one of the largest serviced apartment developments in downtown Beijing offering a total of 836 units for leasing. Average occupancy rate was 82.7% (2020: 82.1%) during the year.
