China's version of Airbnb, Tujia, raises US$300m

[SHANGHAI] China's Tujia.com, often compared to online accommodation hub Airbnb, said it has raised US$300 million in its latest round of financing, valuing the company at more than US$1.0 billion.

The new financing came from All-Stars Investment Ltd. and Singapore real estate company CapitaLand's Ascott International, according to a Tujia statement this week.

Founded in late 2011, Beijing-based Tujia claims to be China's largest vacation rental website with 251 domestic and 134 overseas destinations, according to its site, but is little known abroad.

Other investors include Chinese online travel site Ctrip.com and US-based HomeAway, also an online marketplace for the vacation rental industry.

Tujia co-founder and chief technology officer, Melissa Yang, told Bloomberg News that the company was expanding to meet the needs of Chinese tourists overseas.

"We are speeding up our expansion to meet the demands of Chinese tourists," Mr Yang was quoted as saying. "Southeast Asia is a destination favoured by Chinese tourists and so that's an area of focus for us."

The company, which is not listed on any stock exchange, does not regularly publish financial information but says on its website it has been doubling its performance growth almost every quarter.

It provides online search, inquiry and transaction services for such accommodations as serviced apartments and home-stays.

AFP