Chinese online apartment rental platform mamahome has had a huge funding boost, with City Developments (CDL) investing 100 million yuan for a 20 percent stake.
After CDL’s investment, mamahome will be owned jointly by the founder Shanghai Chongfu (56 percent), E-House Capital (24 percent) and CDL China.
CDL described mamahome as a "one-stop solution" for apartment owners and rental customers.
It provides a booking website, online management software as well as housekeeping services, renovation, 24-hour concierge and call centre.
It also provides management for mamahome’s own brands of serviced apartments – Suisse Place, Locca and Login.
The site lists more than 100,000 apartments across 20 cities in China. More than 75 percent of these apartments are in key cities such as Shanghai, Beijing and Guangzhou.
“Our partnership with mamahome provides an immediate entry into a fast-growing sector driven by business and leisure travel in China. It will contribute to future long-term recurring income streams to CDL," said Mark Yip, CDL Chief Marketing Officer and CDL China CEO.
“Operating under an asset light model with a focus on internet expansion, mamahome represents an efficient manner to grow market share and can also serve as a good platform to enhance leasing efforts for the Group’s residential leasing properties and serviced apartments."
Home owners of CDL properties in China, such as Hong Leong City Centre in Suzhou, will be able to list their apartments on the mamahome platform.