Chinese competitor of Airbnb has raised $300 million of investments

Almaty. October 10. Silkroadnews - Chinese competitor of Airbnb has raised $300 million in investment, Fortune magazine reported.
“Tujia.com (TUJIA, +0.00%), China’s biggest short-term property rental firm, said on Tuesday it had raised $300 million from investors, valuing it at more than $1.5 billion as it looks to tap growing demand from Chinese tourists for independent travel,” the report reads.
The largest investors in case are the Chinese travel company Ctrip.com International Ltd and All-Stars Investment, with China Renaissance’s New Economic Fund, Glade Brook Capital and G Street Capital also in the list of investors.
It is reported that Airbnb is the main competitor of China’s Tujia.com that tries to strengthen its presence and hopes to increase the number of its customers among younger people. Last year, Airbnb was valued at $30 billion.
“Tujia’s founder Luo Jun said in a statement the funds would be used to help improve and standardize the firm’s accommodation, and that it would “further invest in the domestic high-end real estate market and in foreign markets,” the report says.