CityDev invests $20.4m in online apartment rental platform

The platform has more than 100,000 apartment listings.

The property firm steps up its drive to innovate as it invests RMB100m for a 20% stake in mamahome, a Chinese online apartment rental platform.

According to a report by OCBC, the platform currently has more than 100k apartment listings in 20 Chinese cities, with more than 75% of the listed apartments located in key gateway cities such as Shanghai, Beijing and Guangzhou, and primarily caters to growing demand for mid- to long-term leasing from leisure travellers to business executives.

“The platform provides an online booking website, online management software and other services which includes housekeeping, renovation, 24- hour concierge and a call centre, and is a onestop solution for both apartment owners and rental customers,” OCBC noted.

Meanwhile, OCBC adds that this is CityDev’s way to gain immediate entry into a fast-growing sector driven by business and leisure travel in the vast Chinese market.

“The platform has an asset-light model focused on internet expansion, and the group also expects some synergies such as using the platform for the leasing of the CityDev’s residential properties and serviced apartments,” the report added.