(Yicai Global) Sept. 9 -- CJIA Apartments Group, a long-stay rental brand owned by Huazhu Hotels Group, has secured almost USD300 million in funding from Boyu Capital, Yunfeng Capital, CCB International and others investors, tech media 36Kr reported.
The A-round financing set a record in China for the most raised by this type of accommodation provider, the report said. Mofang Apartment completed a USD150 million D-round financing in March. CJIA Apartment will use the money to develop urban properties, channels, platforms and its brand.
Co-founded by Shanghai-based Huazhu Hotels Group and IDG Capital in 2015, CJIA is Huazhu Hotels' non-standard accommodation business. CJIA mainly focuses on first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen and has over 100 apartments and more than 20,000 rooms nationwide.
CJIA offers different levels of accommodation. Its core CJIA Apartment brand enables young people to live alone for rents of between CNY2,500 (USD350) and CNY5,000 a month, while the firm's CJIA Prime Aparthotel costs between CNY5,000 and CNY8,000. At its serviced apartments, such as Citadines Aparthotel in collaboration with The Ascott, rents range from CNY10,000 (USD1,403) to CNY15,000.
CJIA is also experimenting with luxury apartments costing more than CNY20,000 a month. The first project, Kevin Apartment, opened in Shanghai in July.