China Serviced Apartment Market (2025 - 2033) Size, Share & Trends Analysis Report By Type (Long-Term (>30 Nights), Short-Term (<30 Nights)), By End Use (Corporate/Business Traveler, Leisure Travelers), By Booking Mode, And Segment Forecasts

China Serviced Apartment Market Summary

The China serviced apartment market size was estimated at USD 7,828.1 million in 2024 and is projected to reach USD 22,928.7 million by 2033, growing at a CAGR of 13.4% from 2025 to 2033.China’s robust urbanization and rising long-term rental tenants form a key driver for the China serviced apartment industry. The shift in the increased number of long-term tenants stems from continuous rural-to-urban migration, housing affordability challenges in Tier-1/2 cities, and growing preference for rental flexibility, which in turn is expected to drive the growth of the China serviced apartment market during the forecast period.

In this context, serviced apartments, offering a home-like setting with business-oriented services, gain appeal among young professionals and business travelers. For instance, international brands such as Ascott have expanded their “matrix” of serviced-apartment offerings in Chengdu, complementing hotel infrastructure with facilities for extended stays. The intersection of rapid urban influx and long-term rental dynamics reinforces demand for professionally managed, high-standard serviced accommodations.

The accelerating adoption of branded long-term rentals and growing capital inflow are additional drivers of the China serviced apartment industry. This underscores both investor enthusiasm and tenant preference for standardized, professionally managed offerings. Moreover, alternative real-estate asset classes such as long-term rentals, including serviced apartments, have drawn increased attention from sovereign funds and pension investors. The combination of rising branded penetration and investment capital creates a virtuous cycle: operators can scale faster, offer consistent quality, and build consumer trust, further driving the growth of the China serviced apartment market.

Another strong trend shaping the China serviced apartment market is the rise of remote work, digital nomadism, and "work-cation" behavior. Globally, flexible remote working arrangements have spurred demand for furnished residences that combine home-like comfort with functional workspace, high-speed internet, and flexible booking terms. The flexibility and convenience inherent in serviced apartments cater to remote workers who seek a quality living experience and seamless work infrastructure without the rigidity of leases or conventional hotel stays.

Consumer Behavioral Analysis

Key corporate and traveler preferences influence the choice between serviced apartments and hotels, which directly impact consumer behavior in the China serviced apartment industry. Cost, price/quality comparison, and location are the three most critical decision-making factors. In the China serviced apartment industry, cost sensitivity remains high, especially in Tier-1 and Tier-2 cities, where rental prices have surged in recent years. Corporations and individuals are more inclined towards serviced apartments that balance affordability with added facilities such as cooking amenities and 24/7 support, creating value beyond traditional hotel stays.

Another dimension influencing preference is the length of stay and guest experience. In China, expatriates, relocating professionals, and digital nomads increasingly favor extended stays where a serviced apartment offers convenience and a homely environment. Compared to hotels, these apartments provide larger living spaces, family-friendly layouts, and the flexibility to self-cater.

These features not only meet the needs of long-term assignees but also appeal to young professionals seeking flexible, short-to-medium-term accommodation in cities such as Shanghai, Beijing, and Shenzhen. The higher ranking of “ease of booking” also reflects the strong integration of digital platforms such as Tujia and Fliggy in China’s travel ecosystem, enabling seamless access to serviced apartments.

Chinese corporates often prioritize employee wellbeing alongside cost-management, making serviced apartments attractive due to their hybrid positioning, offering hotel-level services and the comfort of home. For instance, international players such as Ascott and Fraser Suites design their offerings with tailored amenities for business travellers, from high-speed connectivity to wellness facilities. Moreover, relocation cases frequently involve family accommodation needs, making the “space and facilities” advantage of serviced apartments a decisive factor.

Type Insights

The short-term service apartments accounted for a revenue share of 65.64% of the China serviced apartment market in 2024, driven by the strong rebound of business and leisure travel following China’s reopening in early 2023. The revival of international flights and the resumption of corporate travel led to a surge in demand for flexible, fully equipped accommodation that provides more comfort than hotels for stays of a few days to several weeks.

Multinational companies reinstated on-site client visits and conferences, while global events such as the 19th Asian Games in Hangzhou (2023) drew both domestic and international visitors. Serviced apartments offered a competitive advantage by combining hotel-like services with greater space and amenities at attractive price points. Moreover, China’s growing domestic tourism market further reinforced demand for short-term serviced apartments, which met the needs of families and groups seeking convenience, affordability, and comfort in Tier-1 and Tier-2 cities.

The long-term serviced apartments are expected to grow at a CAGR of 14.5% from 2025 to 2033 within the China serviced apartment industry, propelled by China’s evolving workforce mobility and expatriate inflows linked to foreign direct investment (FDI) projects. As China continues to attract multinational corporations, technology firms, and financial institutions, there is a rising influx of professionals and assignees requiring accommodation beyond conventional hotel stays.

These individuals, often on assignments spanning several months to years, value the homelike environment, privacy, and cost efficiency that long-term serviced apartments provide compared to traditional rentals, which usually involve complex lease terms and limited flexibility.

End Use Insights

In 2024, corporate/business travelers accounted for a revenue share of 50.69% of the China serviced apartment market. Following the country’s economic reopening, multinational corporations and domestic enterprises resumed on-site meetings, project collaborations, and client engagements, creating a sustained demand for flexible, professionally managed accommodation.

Serviced apartments appealed to corporate travelers as they combined competitive pricing with key requirements such as high-speed connectivity, meeting-ready spaces, and access to central business districts. For instance, financial hubs such as Shanghai’s Lujiazui and Shenzhen’s Futian attracted a steady inflow of executives, consultants, and technical specialists who prioritized cost efficiency alongside premium amenities.

The expats & relocators are expected to grow at a CAGR of 14.2% from 2025 to 2033 within the China serviced apartment industry, driven by sustained inflows of foreign talent and the increasing relocation of domestic professionals to major urban centers. China’s continued attractiveness as a destination for foreign direct investment and its expanding footprint in industries such as advanced manufacturing, renewable energy, and financial services have led to the deployment of long-term assignees and expatriates.

Unlike business travelers who seek shorter stays, expatriates and relocating employees require family-friendly, fully equipped living spaces with schools, healthcare access, and community integration. Serviced apartments meet these needs by offering larger units, kitchens, and childcare-friendly amenities, eliminating the rigidity of traditional lease agreements.

Booking Mode Insights

Booking through direct booking accounted for a revenue share of 47.72% of the China serviced apartment industry in 2024, due to the increasing reliance on digital platforms and mobile-first consumer behavior. Chinese travelers, both domestic and international, demonstrate a strong preference for using official brand websites, mobile applications, and aggregator-linked direct channels to secure accommodations. Serviced apartment operators capitalize on this behavior by offering exclusive discounts, flexible cancellation policies, and loyalty rewards for direct reservations, creating an ecosystem that prioritizes customer retention.

Booking through corporate contracts is expected to grow at a CAGR of 14.8% from 2025 to 2033 within the China serviced apartment market, driven by the growing institutionalization of workforce mobility programs and cost-management strategies among enterprises. With rising corporate assignments and long-stay requirements for employees, companies increasingly establish negotiated agreements with serviced apartment providers to ensure consistent quality, fixed rates, and streamlined billing processes. These contracts mitigate administrative overheads, align with corporate travel policies, and enhance duty-of-care compliance by guaranteeing safety and standardized amenities for employees.

Key China Serviced Apartment Company Insights

The China serviced apartment industry features a mix of global hospitality brands and homegrown rental developers. Leading internationally are Ascott Group, Frasers Hospitality, and Oakwood, each leveraging multi-brand strategies to appeal across demographics. For instance, Ascott has forged alliances with major Chinese developers, including Dongfu (a subsidiary of CSCEC), enabling it to access new projects and deploy its Citadines, Somerset, and Ascott brands across second-tier cities. Frasers Hospitality similarly expands through brand matrixing and prioritizes design-led living spaces tailored to both long-stay and bleisure travelers.

The China serviced apartment market’s competitive field includes both prestigious award-winners and consultancies shaping long-term development. Among domestic pioneers, Mofang Gongyu builds standardized O2O serviced apartments for urban white-collar professionals across key cities, while Danke Apartment applies tech-enabled management platforms to enhance operations. Tujia, known for high-end vacation rentals, extends into business segments by partnering with real-estate firms and offering hotel-style services for trust and consistency. These players underscore a landscape defined by strategic partnerships, brand positioning, digital innovation, and expansion into emerging urban corridors.

Recent Developments

• In March 2025, Frasers Hospitality expanded its Modena by Fraser brand in mainland China with two new properties: Modena by Fraser Shenzhen (soft-opened March 29, 2025) and Modena by Fraser Wujiaochang Shanghai (soft-opened May 20, 2025). These locations feature flexible layouts and lifestyle amenities, reinforcing the brand’s emphasis on experience-led urban living.

• In October 2024, Ascott formed a joint venture with Jin Jiang Hotels to accelerate the asset-light expansion of its Quest and TULIP LODJ brands in China. The partnership includes existing operations in Wuhan and upcoming developments in Shenzhen under franchise agreements.

China Serviced Apartment Market Report Scope

China Serviced Apartment Market Report Segmentation

This report forecasts revenue growth at the country’s level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the China serviced apartment market report based on type, end use, and booking mode.

• Type Outlook (Revenue, USD Million, 2021 - 2033)

  • Long-Term (>30 Nights)

  • Short-Term (<30 Nights)

• End Use Outlook (Revenue, USD Million, 2021 - 2033)

  • Corporate/Business Traveler

  • Leisure Travelers

  • Expats and Relocators

• Booking Mode Outlook (Revenue, USD Million, 2021 - 2033)

  • Direct Booking

  • Online Travel Agencies

  • Corporate Contracts