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 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 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...
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