Beijing/Hong Kong — One of Airbnb’s biggest Chinese rivals is in talks with Singapore’s sovereign wealth fund and other investors for more than $200m in new funding to take on the US home sharing giant, according to people familiar with the deal. Beijing-based, said to have been a potential acquisition target for Airbnb in 2016, lets users rent and host homes and apartments across the country. It is now targeting a valuation greater than the $1bn it hit in November 2017, but talks are still under way, said the people, who asked not to be identified. Singapore’s GIC is considering an investment in a round that is already oversubscribed, they said. The deal comes on the heels of a $1bn infusion for India’s Oyo Hotels, much of which will bankroll an expansion in China. The country’s home-stay market is surging thanks to middle-class consumers seeking novel accommodation and ample capital provided by its biggest technology giants. Alibaba partner Xiaozhu has partnered with e...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now