CDL to invest 100m yuan in China online apartment rental site mamahome
Singapore
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Indian billionaire Birla said to mull US$1.2 billion in Novelis IPO
Apple’s China iPhone shipments soar 12% in March after discounts
Indian banks to step up IT spends as regulatory scrutiny rises
Puma returns to sales growth in Americas despite ‘volatile’ market
Shell to sell Singapore oil refinery, chemicals assets to Glencore joint venture
AstraZeneca lifts FTSE 100 to record high