Deals
Airbnb’s China Foe in Talks to Raise Over $200 Million
- GIC is said to be among those considering a Xiaozhu investment
- China’s a crucial growth market for the U.S. startup
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One of Airbnb’s biggest Chinese rivals is in talks with Singapore’s sovereign wealth fund and other investors for more than $200 million in new funding to take on the American home-sharing giant, according to people familiar with the deal.
Beijing-based Xiaozhu.com, said to have been a potential acquisition target for Airbnb in 2016, lets users rent and host homes and apartments across the country. It’s now targeting a valuation greater than the $1 billion it hit in November, but those figures could change as discussions are still underway, said the people, who asked not to be identified talking about a private deal. Singapore’s GIC Pte is considering an investment in a round that’s already oversubscribed, they said.