China-based flat rental platform Chengjia Apartment has received $50m in a pre-series A round co-led by hotel management group Huazhu Hotels and venture capital group IDG Capital, China Money Network reported yesterday.
Chengjia Apartment was co-founded in 2015 by Huazhu and IDG Capital. It enables users to rent apartments ranging from budget to luxury homes, for short or long-term periods.
The company has partnered some 50 property management firms across cities in China, offering a total of more than 5,000 residences, approximately 95% of which are rented out long term.
The funding will help Chengjia Apartment double the amount of partner firms and flats it is offering by the end of 2017. It also hopes to further develop its online platform and enhance its services, though details about the latter were not disclosed.
Jeacy Yan, partner at IDG, said: “The apartment rental industry will definitely experience significant development and at the core of that industry is Chengjia’s operating ability and property management skills.
“Chengjia’s team have experience in both managing economy hotels and turning traditional hotels into apartments for rental.”