Airbnb's China rival Tujia seeks US$300m
Money to go towards expanding products and properties in China and abroad; business to also split into 2 companies
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Beijing
AIRBNB Inc's Chinese rival Tujia is in talks to raise more than US$300 million, putting pressure on the US home-sharing startup less than a month after it officially debuted in the country.
Tujia Holdings is one of China's biggest platforms for property owners seeking to turn their homes into temporary lodgings. It has 400,000 listings plus another 300,000 on its low-cost platform Mayi, as well as more acquired from travel giant Ctrip.com. By comparison, Airbnb had 80,000 properties in China as at 2016.
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