China’s vacation rental company similar to San Francisco-based Airbnb Inc., raised $300 million for global expansion, the company announced Monday. All-Stars Investment Ltd., which previously invested in Chinese mobile maker Xiaomi Corp. and Uber’s biggest Chinese rival — the taxi hailing app Didi Kuaidi Joint Co. — led the latest round of funding, Bloomberg reported, citing a statement from the startup.
According to the company, which formally launched in December 2011, the fundraising valued it at more than $1 billion. In comparison, Airbnb, which has operations worldwide, is valued at $20 billion. However, Tujia did not disclose the size of the stake the investors bought, Reuters reported.
As part of its expansion plans, Tujia is planning to list nearly 500,000 properties in destinations popular with Chinese travelers, an increase from the current 300,000, Melissa Yang, the company’s co-founder and chief technology officer, told Bloomberg. Its target markets include Thailand, Indonesia, South Korea, Taiwan and Hong Kong. Tujia — meaning “home on a journey” — also links vacationers with homeowners in Paris and Los Angeles.
“We are speeding up our expansion to meet the demands of Chinese tourists,” Yang told Bloomberg, adding: “Southeast Asia is a destination favored by Chinese tourists and so that’s an area of focus for us.”
The company’s expansion comes despite the