China: Hotel-style short-term rental provider Chengjia has announced it has raised $300 million in a Series A funding round to grow its rental business across its eight brands.
The round was led by Boyu Capital with other participating investors including Yunfeng Capital, Ascott and CCB International; the latter being the investment banking arm of China Construction Bank.
Prior to this deal, the firm had already received an estimated $52 million in financing.
Chengjia was founded by China Living Hotel Group and IDG Capital in 2015 and it now manages about 100 properties with a reported 20,000 apartment units. The units come in a mix of models including short-term rental, as well as hotel, weekly or monthly rents, and extended stay.
Meanwhile, multi-brand hotel group China Living Hotel Group’s publicly held subsidiary is Huazhu Hotels Group, whose 4,000+ hotels generated up to $417 million in revenue in Q2 of this year.
The president of Huazhu, Hui Jin, is also the serving CEO of Chengjia and his mission is to operate both short-term and extended stay rental services in conjunction with the startup’s tech and operational teams.
For more information, visit the Chengjia website here.