Once the transaction is completed, iShangzu’s assets and shares will be merged into Danke Gongyu, bringing the number of assets on Danke’s platform to around 400,000 items across 10 first tier cities as well as emerging prime areas.
This acquisition comes after Danke Gongyu completed its $70-million Series B+ round in June last year. The round was led by New York-based Tiger Global Management and participated by China Media Capital, Gaorong Capital, Joy Capital, Vision Plus Capital, Betelsmann Asia Investments and Shenzhen Youjin Investment Management.
iShangzu, established in August 2015, offers property management services such as housing trusts, interior design, leasing and maintenance services to landlords. It secured 101 million yuan in Series A round from Whale Capital in May 2016 and gained 300 million yuan in Series B round led by product developer Kuka Group and Shenzhen Yuanzhi Fuhai Investment Management Company.
iShangzu also covers major cities such as Shanghai, Hangzhou, Nanjing and Suzhou with over 60,000 apartments on the platform.
The apartment rental platforms face fierce competition in China. Last year, Singapore sovereign wealth fund GIC partnered with Shanghai-based Nova Property Investment to co-found the premium rental apartment platform in core locations across tier 1 cities in China.