Room sharing has become a global trend, alongside traffic and other shared services. In recent years, it has gained popularity in China, with home-sharing platforms like Tujia, Baihejia, Ant Short Rent, Wood Bird Short Term, and Piggy Short Rent emerging as key players in the online short-term rental market.
On October 10, Luo Jun, co-founder and CEO of Tujia.com, announced through an internal email that after completing its online and offline declassification in 2017, the platform successfully closed its Series E funding round. The investment was led by Ctrip, with follow-on investments from Huaxing New Economic Fund, Glade Brook Capital, and High Street Capital. Following this round, Tujia's valuation surpassed $1.5 billion, making it the only unicorn in the home-sharing industry in China.
Tujia positions itself as a global platform for apartment and boarding house bookings. Since its official launch on December 1, 2011, it has expanded to cover over 345 domestic destinations and 1,037 international locations. With more than 6.5 million listings, it has become the largest owner of non-standard accommodation inventory in China. Additionally, Tujia has signed agreements with 218 government agencies and formed strategic partnerships with numerous real estate developers, securing over 1 million reserved housing units.
From the second half of 2016, Tujia focused on integrating and expanding its homestay business across major Chinese online booking platforms. In 2016, Tujia made significant breakthroughs in personal cooperative housing. 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 integration, Tujia experienced exponential growth in the domestic market, with transaction volumes increasing by over 300% year-on-year. Overseas, especially in Asia, the company achieved remarkable results, growing fivefold. On the eve of National Day 2017, Tujia launched the “Tujia Mansion†product, which received overwhelming attention. The National Day transaction volume grew by over 400% year-on-year, with average room prices exceeding 3,000 yuan and some reaching up to 45,000 yuan. This demonstrated the strong demand for high-quality home-sharing experiences among affluent customers.
As of August 2017, Tujia had over 180 million users downloading the Tujia app. Every day, hundreds of thousands of users search and book homes through the platform.
According to Cao Lei, director of the China Electronic Commerce Research Center and a well-known expert in the sharing economy, several key points highlight the significance of Tujia and the broader home-sharing industry.
First, Tujia aligns with national policies supporting non-standard residential development. In 2015, the State Council proposed relaxing access for new Internet+ businesses such as vacation rentals and tourism cars. In November, the State Council issued guidelines promoting the development of lifestyle service industries, including short-term apartments and B&Bs, which are now recognized as part of the service sector. These policies help build confidence in the industry and attract more resources into this emerging market.
Second, the demand for personalized travel is increasing, driving market growth. As living standards improve, platforms like Ctrip have made travel more accessible, leading to rapid growth in tourism and, consequently, in accommodation demand. Family, group, and even "always" travel models have become popular, with internet-driven tourism creating new trends. These travelers seek more diverse and personalized accommodation options compared to traditional hotels.
Third, non-standard accommodations promote social interaction. Unlike hotels, where interactions between guests are minimal, platforms like Tujia encourage sharing of time, skills, and local experiences. This creates deeper social connections and fosters a sense of community. For example, Tujia’s “Meeting Interesting People and Experiencing Different Homes†section allows users to share stories and build relationships, contributing to a more harmonious society.
Fourth, home-sharing supports flexible employment and economic growth. In line with the “mass entrepreneurship and innovation†initiative, renting out homes provides a flexible and secure way to start a business. In first-tier cities, short-term rental income can be two to three times higher than long-term rental income, offering significant financial benefits. As China’s economy evolves, home-sharing helps absorb a large number of workers, including housewives, freelancers, and young graduates, expanding employment opportunities and boosting economic growth.
Finally, Ctrip’s deep integration into the home-sharing space strengthens its ecosystem. As the largest investor in Tujia, Ctrip has expanded its offerings by integrating B&B and short-term rental services. It has also partnered with eLong, WeChat, Baidu, and Tongcheng to enhance its distribution network. Home-sharing has become a critical complement to Ctrip’s accommodation products, and while the market may not experience explosive growth, it is expected to grow steadily. The past few years have been a period of preparation, and the future looks promising for the industry.
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