China’s answer to Airbnb gets $300 million for expansion plan

Tujia.com has raised $300 million at a valuation of more than $1 billion, as the Chinese vacation rentals site often compared with Airbnb pursues financing to bankroll a global expansion.

All-Stars Investment led the latest round of financing, the startup said in a statement on Monday. The Chinese investment firm also backs smartphone maker Xiaomi.

Tujia, which means “home on a journey,” is focusing on expanding its services into Asian destinations popular with Chinese travelers, Melissa Yang, the co-founder and chief technology officer, told Bloomberg.

Its main target markets include Thailand, Indonesia, South Korea, Taiwan and Hong Kong, though the startup already connects homeowners with vacationers as far afield as Paris and Los Angeles.

Tujia expects to list 400,000 to 500,000 properties for rent by year’s end. Bloomberg