As part of the deal, Ascott also invested a further £26 million in a joint venture with Tujia to operate serviced apartments located within the key growth cities of China. This will help to increase Ascott's number of apartments in the country to 20,000 by 2020. At a ceremony to unveil the new brand in Shanghai, Lee Chee Koon, Ascott's chief executive officer, said: "Ascott's investment in Tujia provides us with a new pipeline to manage apartments for a growing number of Chinese corporate asset owners, as well as individual homeowners with multiple properties.