Luo Jun, founder and CEO of the vacation home rental website Tujia, announced on Wednesday that it would acquire Mayi Duanzu or “Ant-like Short-Term Rental”, an accommodation platform targeting families traveling within China.
By acquiring the subsidiary that used to belong to 58 Ganji, China’s largest classified ad platform, Tujia now possesses 58 Ganji as a new shareholder.
“In the future, Mayi Duanzu and Tujia will continue to be run independently, with its CEO directly reporting to me,” said Luo.
Though often coined as “the Airbnb of China”, Tujia differs from Airbnb in that it does not exactly connect property owners with travellers. Instead, it manages properties listed on their website and cooperates with Chinese real estate developers to rent out unsold inventory.