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Shared accommodation websites attract more investment

CapitaLand has announced it will USD120m in Tujia, China’s largest apartment sharing platform.

Indian budget hotel site OYO Rooms has also been able to raise USD100m in venture capital, while long-term rental property search engine tripping.com attracted USD16 million.

Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “CapitaLand’s investment in Tujia, which has been dubbed as the Chinese equivalent of US home-rental website Airbnb, through Ascott, gives us the opportunity to expand into a new vertical which will augment Ascott’s core strength,” added Mr Lim.

Beijing-based Tujia’s apartment sharing site, valued at more than US$1 billion, caters to travellers looking for alternatives to hotels, for vacation as well as business travel within and outside of China.

Mr Lee Chee Koon, Ascott’s CEO, who has also been appointed to the board of directors of Tujia, said: “By investing in Tujia, a frontrunner in the online apartment sharing platform, Ascott is now well positioned to benefit from this growth.”

Mr Lee added: “With the rapid increase in Chinese travellers overseas and Ascott’s presence in many of the tourist and business cities worldwide, our penetration of the Chinese market through our partnership with Tujia is also expected to contribute to Ascott’s business globally.”

Mr Justin Luo Jun, Co-founder and CEO of Tujia, said: “Our collaboration with Ascott will allow us to tap on Ascott’s expertise to offer more world-class serviced apartments and strengthen Tujia’s position as the leading online apartment sharing platform in China.”

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