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58.com Invests RMB 50 Mln in Offline Apartment Rental Brand Wowqu

Travedaily.cn, 8/11/17

Guangzhou-based Wowqu Apartment Management, operator of offline apartment rental brand "Wowqu," recently announced the completion of RMB 50 mln in pre-Series A funding from Chinese online classifieds site 58.com (NYSE: WUBA).

Wowqu, established in April 2015 by hotel operator Plateno Group, is a long-term apartment rental brand with two product lines, one focused on apartments for 90s-generation urban white collar workers, and the other focused on accommodation needs of 80s-generation business travelers. The company mainly deals in serviced apartments and has expanded its markets from first- and second-tier cities to third- and fourth-tier cities.

Wowqu CEO Liu Hui said that average occupancy rates are currently above 95%, with 17% of locations at 100% occupancy rate.

Wowqu and 58.com's online real estate site Anjuke.com have formed a strategic agreement allowing Anjuke.com to incorporate Wowqu properties into its database of offerings. Real estate companies partnered with the Wowqu brand will also have Internet and mobile traffic directed to them provided by Anjuke.com and will be able to sell properties on Anjuke.com.

Editor's Note: For more information on this topic, please see "58.com Announces Changes in Board Composition," MD 11/09/15 issue.

Keywords: M&A long-term housing rental Wowqu Liu Hui Internet online real estate 58.com Anjuke WUBA Plateno Group

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