CDL China to invest $15m in online rental platform

Visual of City Developments Limited homepage.

CDL China Limited (CDL China), a wholly owned subsidiary of City Developments Limited‘s (CDL), will invest 100 million yuan ($15 million)  for a 20 per cent stake in Chinese online apartment rental platform mamahome.

mamahome an online booking website for both apartment owners and rental customers, caters to the increasing demand for mid to long-term leasing from tourists and business executives. It also provides a online management software and value-added services which include housekeeping, renovation, 24-hour concierge and a call centre.

Yuan Ye, chairman and founder, mamahome said, “The apartment rental market in China is entering an exciting era. Driven by current policy incentives on the real estate rental business and the existing large stock of completed apartments across China, the market expects a significant increase in the total transaction volume in rental business. Through the strategic partnership with CDL, we will be able to integrate our expertise in China with CDL’s strong branding and experience in the global hospitality sector, offering customers a seamless Online-to-Offline experience and high quality services.”

mamahome currently has more than 100,000 apartment listings with 75 per cent of them located in Shanghai, Beijing and Guangzhou. It also provides management for its own brands of services apartments: Suisse Place, Locca and Login.

Upon completion, mamahome will be jointly owned by founder Shanghai Chongfu (56 per cent), financial services firm E-House Capital (24 per cent) and CDL China (20 per cent).

Mark Yip, CDL chief ,marketing officer and CDL China CEO, added, “Operating under an asset light model with a focus on internet expansion, mamahome represents an efficient manner to grow market share and can also serve as a good platform to enhance leasing efforts for the Group’s residential leasing properties and serviced apartments.”

The news comes after Tujia.com, the Chinese apartment sharing online platform, often referred to as China’s answer to Airbnb Inc, patterned with Ascott, a serviced residence business unit of CapitaLanback in March.

CDL announced in August a 0.2 per cent rise in second-quarter net profit to $133.8 million on a 32.4 per cent revenue jump to $1.09 billion.

Also Read: 

SG Digest: JLL acquires PDM; CDL teams up with SEAS; OUE acquires Nassim Road land 

SG Realty: CDL fully acquires Summervale; Sinjia Land acquires stake in G4 Station; Venture Corporation purchases Penang land

Singapore’s CDL to invest A$275m in Brisbane residential project

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.