Singapore, 5 September 2016 – City Developments Limited’s (CDL) wholly-owned subsidiary CDL China Limited (CDL China) will invest RMB 100 million (approximately S$20.4 million*) for a 20% stake in mamahome, a fast-growing Chinese online apartment rental platform.
As a one-stop solution for both apartment owners and rental customers, mamahome provides an online booking website, online management software, and other value-added services including housekeeping, renovation, 24-hour concierge and call centre. In addition, mamahome provides management for its own brands of serviced apartments: Suisse Place, Locca and Login.
mamahome caters to the rapidly growing demand for mid- to long-term leasing from leisure travellers to business executives on assignments and postings. Currently, there are more than 100,000 apartment listings on mamahome, spanning over 20 cities in China. More than 75% of the apartments are located in key gateway cities – Shanghai, Beijing and Guangzhou.
After CDL’s investment, mamahome will be held jointly by Shanghai Chongfu (founder, 56%), E-House Capital (24%) and CDL China (20%).
Mr Yuan Ye, mamahome Chairman and Founder, said, “The apartment rental market in China is entering an exciting era. Driven by current policy incentives on the real estate rental business and the existing large stock of completed apartments across China, the market expects a significant increase in the total transaction volume in rental business. Through the strategic partnership with CDL, we will be able to integrate our expertise in China with CDL’s strong branding and experience in the global hospitality sector, offering customers a seamless Online-to-Offline experience and high quality services.”
Mr Mark Yip, CDL Chief Marketing Officer and CDL China CEO, said, “Our partnership with mamahome provides an immediate entry into a fast-growing sector driven by business and leisure travel in China. It will contribute to future long-term recurring income streams to CDL. Operating under an asset light model with a focus on internet expansion, mamahome represents an efficient manner to grow market share and can also serve as a good platform to enhance leasing efforts for the Group’s residential leasing properties and serviced apartments.”
