Lodging rental service Tujia valued at over $1bn in funding round

Chinese lodging rental firm Tujia has raised US$300 million from investors to expand overseas in a deal that values the company at more than US$1 billion, Reuters reported, citing a statement from Tujia. Hong Kong-based All-Stars Investment, which has also invested in Chinese smartphone maker Xiaomi and taxi-hailing app Didi Kuaidi, led the funding round, which also included existing shareholder The Ascott , a serviced residence business owned by Singapore’s CapitaLand. The latter firm announced in a separate statement that The Ascott will form a $40 million joint venture with Tujia to operate serviced apartments in China.