Ascott China Co Ltd, a leading serviced residence owner and operator, plans to triple the scale of its serviced apartments in China in the next five years, aiming to own 60,000 apartments by 2023, the company's top management said on Sunday.

"Thanks to the rapid development of domestic enterprises and the flourishing of tourist markets, Ascott has achieved stellar results in China," said Tan Tze Shang, managing director and head of business development for Ascott China.

Upon completing its strategic layout in China, the company has entered a period of scale expansion, managing 100 property management sectors since last August. As of the beginning of 2018, the company owns 20,000 serviced apartments, achieving its goal three years in advance.

The company's global expansion target is to increase its serviced apartments to 160,000 units by 2023, doubling existing scale according to the company's top management.

With technology and innovation comprehensively impacting people's lives, the hotel and residence industry has been in urgent need of transformation and upgrade, said Huang Xiaoling, CEO of Byond Host Technology Co Ltd.

With changes in market demand and challenges to making strategic upgrades, Ascott China will proactively implement a digital strategy, applying technological tools to improve management efficiency and customer experiences, Tan said.

Ascott launched the first international serviced apartment in the Asia-Pacific region in 1984, and it became one of the earliest foreign serviced apartment brands to enter the Chinese market.

Fan Hang contributed to this story.