Room sharing has emerged as a global trend, second only to traffic in popularity. In recent years, it has gained significant traction in China, with home-sharing platforms like Tujia, Baihejia, Ant Short Rent, Wood Bird Short Term, and Piggy Short Rent becoming increasingly prominent. These platforms have transformed the way people travel and experience different cities by offering unique, non-standard accommodations.
On October 10, Tujia’s co-founder and CEO Luo Jun announced via internal email that after completing its online and offline integration in 2017, Tujia successfully secured its E-round funding. This round was led by Ctrip, with additional investments from Huaxing New Economic Fund, Glade Brook Capital, and High Street Capital. The company’s valuation surpassed $1.5 billion, making it the first “unicorn†in the shared accommodation sector in China.
In terms of data, Tujia operates as a global apartment and homestay booking platform. Since its launch on December 1, 2011, it has expanded to cover 345 domestic destinations and 1,037 international locations. With over 6.5 million listings, Tujia has become the largest owner of non-standard accommodation inventory in China. It has also signed agreements with 218 government agencies and over 1 million reserve housing units through strategic partnerships with major real estate developers.
From the second half of 2016, Tujia focused on integrating and expanding its homestay business across major Chinese online booking platforms. By 2016, Tujia made significant progress in personal cooperative housing through short-term M&A activities. The integration of Ctrip's Apartment B&B business in 2017 led to a major leap in traffic, customer base, and revenue.
With continuous innovation and optimization, Tujia experienced exponential growth in the domestic market, with transaction volume increasing by more than 300% year-on-year. The Asian market also saw impressive results, growing fivefold. On the eve of National Day 2017, Tujia launched its "Tujia Mansion" product, which received overwhelming response. Transaction volumes exceeded 400% year-on-year, with average room prices above 3,000 yuan and some reaching up to 45,000 yuan. This reflected the high demand for premium home-sharing experiences among affluent users.
With the introduction of the two-child policy in China, the need for family-oriented travel has created new opportunities for Tujia’s growth. As of August 2017, Tujia had over 180 million users downloading the Tujia app, with hundreds of thousands of daily searches and bookings.
Experts have also weighed in on the significance of Tujia and the broader sharing economy. Cao Lei, director of the China Electronic Commerce Research Center and author of *Uber: Opening the “Sharing Economy†Era*, highlighted several key points.
First, Tujia aligns with national policies supporting the development of non-standard residential accommodations. In 2015, the State Council called for relaxed access and business licenses for internet-based vacation rentals. In 2016, the government issued guidelines promoting the development of life-style service industries, including short-term apartments and homestays. These policies provide a strong foundation for the industry's growth and increased recognition.
Second, the demand for personalized travel is rising, driving market expansion. As living standards improve, platforms like Ctrip have made travel more accessible, leading to a surge in tourism and accommodation needs. Family and group travel models are becoming popular, creating diverse and individualized accommodation demands that traditional hotels struggle to meet.
Third, non-standard accommodations promote light social interaction, enhancing user experiences. Unlike hotels, where guests rarely interact, platforms like Tujia allow renters to share time, skills, and local knowledge, fostering deeper connections. Community forums on these platforms also encourage exchanges between hosts and guests, contributing to a more harmonious society.
Fourth, housing sharing supports flexible employment and economic growth. In line with the "mass entrepreneurship and innovation" initiative, renting out properties offers a flexible and secure way to start a business. In first-tier cities, income from short-term rentals can be two to three times higher than long-term rental income, providing valuable supplemental income for many.
Finally, Ctrip’s investment in Tujia reflects its strategic move to expand into the shared accommodation space. As the largest online travel platform in China, Ctrip has built an extensive ecosystem covering hotels, tickets, car rentals, and more. By integrating Tujia and other platforms like Ant Short Rent, Ctrip strengthens its position in the accommodation market. This move not only diversifies its offerings but also taps into a growing market with steady, long-term potential.
As the sharing economy continues to evolve, Tujia stands at the forefront, reshaping how people travel and connect. With strong backing from investors like Ctrip and a growing user base, the future of shared accommodation looks promising. Whether for leisure, business, or community building, platforms like Tujia are redefining the modern travel experience.
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