China’s answer to Airbnb, the apartment-sharing app, has raised $300m in a funding round that values it at more than $1bn, a vote of confidence in a sector that has seen significant investment in the past few months despite a crumpling stock market.
Tujia — “home on a journey” in Chinese — is the country’s biggest apartment-sharing and holiday rental website. It is fighting for a share of the growing tourism market in China, which is the largest source of overseas tourist spending in the world, the UN has said.
The company said that one reason it raised money was to expand abroad, to cater to Chinese tourists in Thailand, Indonesia, South Korea and Hong Kong.
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