China’s Apartment Rental Website, Tujia.com Secures $100M Investment.
China-based tourism website known as Tujia.com has recently announced that it has manage to secure over US$100 million durin its third round of financial funding.
Initially founded during 2011, Tujia.com, is somewhat similar to that of Airbnb.com, the California-based apartment-sharing website. Airbnb.com has been estimated to be valued around US$10 billion.
Tujia manage to receive its investments during this round from GGV Capital, Lightspeed China Partners, CDH Investments, Qiming Venture Partners, China Boardband Capital Partner, Ctrip.com and Homeaway.com, stated CEO of Tujia, Lou Jun.
Luo did not elaborate on what Tujia was valued at, but it has manage to soar four times since the second round of fundraising. In February last year, Tujia.com received investment of up to 400 million yuan.
Tujia has no plans to go public, Luo said. “Tujia.com is a completely independent company,” he said.
“The investors are interested in Tujia because they think it will be a big part of the future of online tourism”, Luo said.
“China has the largest supply of homes in the world and a rapidly increasing group of tourists,” he said. “Considering these two factors and the popularity of the Internet, Tujia.com will have a bright future.”
A total of one-fifth of the country’s apartments were vacant during the previous,stated a report gathered from a research center based at the Southwestern University of Finance and Economics in Chengdu. Not including brand new homes, a total of over 48.98 million apartments were available for rent and sale.
Tujia covers more than 120 tourism destinations and offers more than 80,000 homes, Luo said. The apartments it offers for rent are listed by developers, homeowners, other companies and even local governments.
One of the key differences between Tujia and Airbnb is that it manages some of the apartments that are offered and handles decorate along with cleaning as well.