CDL to invest 100m yuan in China online apartment rental site mamahome
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HOTEL owners are buying stakes in the very disruptor of their own businesses. City Developments (CDL) on Monday said that its wholly owned subsidiary CDL China will invest 100 million yuan (S$20.4 million) for a 20 per cent stake in mamahome, a fast-growing Chinese online apartment rental platform.
This follows in the footsteps of CapitaLand's serviced residence arm, The Ascott, last year, when it invested US$90 million in Tujia.com, an online apartment-sharing platform that has been dubbed China's Airbnb.
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