Ziroom says it raised 4 billion yuan ($621 million) — the largest amount ever to be pulled in by a Chinese apartment rental service provider, according to CEO Xiong Lin.
The haul, announced at a news conference Tuesday, coincides with a push by the central government to develop more rental housing, as skyrocketing housing prices have made owning challenging for many individuals and families.
Ziroom was valued at 20 billion yuan in the deal, Caixin learned from sources close to the matter. U.S. private-equity firm Warburg Pincus led the funding round, along with Sequoia Capital, Tencent Holdings and others.
The company will use the funds to increase its rental supply, boost supportive services, and invest in technology capacity and employee training, Xiong said.
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