Shama, a boutique serviced-apartment operator whose major shareholders include Morgan Stanley Real Estate and Gateway Capital, said yesterday it plans to triple its China portfolio within three years.

The company aims to become the market leader in Asia, it said at the launch of its 219-unit Shama Xujiahui property, its second in Shanghai.

"According to our growth plan, we will run about 40 properties in Asia by 2010, among which 75 percent will be located in China, including Hong Kong and Macau," Elaine C. Young, chief executive officer of Shama, told Shanghai Daily yesterday.

"Besides Hong Kong and Shanghai, we will also expand our footprint to the northern part of the country this year, with Shama Luxe Chang An in Beijing and Shama Luxe Grand Central in Dalian coming in March and the fourth quarter, respectively."

Shama, which entered the mainland market last March by opening Shama Xintiandi in Shanghai, might also tap cities such as Suzhou, Hangzhou, Guangzhou and Macau, Young said.

(Shanghai Daily January 22, 2008)