Ascott leads consortium to inject over $121m into China's Airbnb

CapitaLand has also formed a new tech council.

CapitaLand's wholly-owned serviced residence business unit Ascott will lead a consortium of investors to inject $121.84m into Tujia, an online apartment sharing platform that has been dubbed as China's Airbnb.

Ascott will lead the consortium to invest $67.69m in Tujia. Ascott will also form a joint venture with Tujia with an initial capital of $54.15m, to allow Ascott to operate and franchise serviced apartments in China.

CapitaLand has also formed a new Technology Council in order to boost its digital efforts to drive its real estate business. It is composed mainly of venture capitalists--Foo Jixun, Managing Partner of GGV Capital, and David Su, Managing Partner of Matrix Partners China, as well as Gabriel Lim, CEO of the Media Development Authority of Singapore.

“The council will also identify tech trends, challenges and opportunities to sharpen CapitaLand’s smart focus. This includes offering advice and guidance on how we can drive our growth through strategic collaboration with strong technology partners, such as Tujia.com," said Lim Ming Yan, President & Group CEO of CapitaLand Limited

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