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China's Airbnb alternative gets C series financing

Xinhua, September 23, 2015 Adjust font size:

Zhubaijia.com, a competitor of Airbnb, has received at least 500 million yuan (78 million U.S. dollars) from the tourism arm of HNA Group, the parent company of Hainan Airlines, it announced on Wednesday.

The C series financing will enable Zhubaijia.com to access HNA's aviation and tourism resources and provide better services for outbound tourists, said Zhang Ling, chairman of HNA Tourism Group.

Zhubaijia.com, founded in March 2012, just received a 200 million yuan B series financing a month ago. It boasts millions of houses for rental in over 60 tourist cities across the world.

Zhubaijia.com will provide comprehensive overseas travel services in the future, which includes air tickets, accommodation and travelling guide, thanks to the partnership with HNA, said its CEO Zhang Hengde.

Outbound tourism accounted for 45 percent of the 33.26-billion-yuan China's online tourism market in 2014. More than 100 million Chinese traveled abroad in 2014, according to a report released in March by Analysys, a Chinese consulting firm.

Hainan Airlines is China's fourth largest airline with a fleet of 528 aircrafts serving 72 million passengers over 640 domestic and international routes annually, according to its official website. Enditem