(MENAFN) A partnership has been shaped between the San Francisco-based Airbnb and China Broadband Capital along Sequoia China to aid the apartment-sharing app efforts to grow its Chinese market presence.
In a bold move to gain from booming demand in Asia, a fundraising round has been initiated from investors including Beijing-based Hillhouse Capital and investment firm Tiger Global to boost Airbnb's value to USD24 billion.
The number of Chinese guests staying in Airbnb chattels around the world increased by 700 percent in 2014 increasing faster than guests from any other single nationality, as stated by Airbnb's co-founder.
Airbnb's huge interest in China follows a push from Uber; the USD50 billion famous private driver app, which is making more than 1 million trips a day in China.
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