China: IDG Capital leads $50m round in Chengjia; Shouqi booking app raises $88m

A hotel in Shanghai. Photo from Huazhu Hotels Group website.

Investors continue to be active in the rental services in China with tens of millions of US dollars in new funding rounds. IDG Capital and Huazhu Hotels Group invested in apartment rental startup Chengjia Apartment’s $50 million pre-series A round. Shouqi Limousine & Chauffeur, a subsidiary of state-owned automobile and transportation firm Shouqi Group, has also raised $88 million with company valuation of $750 million.

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