An Introduction to PropTech in China

AN INTRODUCTION TO
PROPTECH IN CHINA
December 2017
MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University

WHAT IS INCLUDED?
AN INTRODUCTION TO PROPTECH IN CHINA
Section 1 Existing PropTech Market Facts in China
Section 2
Chinese PropTech Unicorns
•  Who are they?
•  What do they do?
•  Who is investing in them?
Section 3 Active Venture Capital Firms in China
Section 4
Chinese PropTech Market Map & Up-and-Coming PropTech
Firms
•  Residential Sector
•  Commercial Sector
Section 5 8 Things You should Know about PropTech in China
MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 2

ABOUT METAPROP NYC

MetaProp is an investment and advisory firm based in NYC whose stated vision is to be the world's
premier PropTech nexus.

INVEST
MetaProp NYC's team and strategic seed stage funds have invested in 70+ technology companies across the full
real estate value chain that have raised more than $2 billion and employ over 1,500 people globally
ACCELERATE
The MetaProp NYC real estate technology accelerator at Columbia University is the leading growth program for
early stage companies. Each year, up to twenty of the best PropTech start-ups are selected from more than 500
applicants to participate in 22 week and/or 8 week intensive programs based in the heart of Silicon Alley.
ADVISE
MetaProp Advisors works with top global real estate organizations on outsourced corporate development; internal
innovation, incubation and acceleration; market research; and next generation PropTech community engagement
and events. MetaProp Advisors also offers a variety of PropTech digital advertising opportunities, as well as
research, education and event sponsorships to organizations looking to build their brands in the PropTech
community. Notably, MetaProp Advisors produces the annual New York City Real Estate Tech Week and publishes
the Global PropTech Confidence Index in partnership with the Royal Institution of Chartered Surveyors and the Real
Estate Board of New York.

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Co-Founder &
Partner
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Director
@AaronNBlock
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Co-Founder &
Partner
@cleliapeters
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@pfrusso
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CONTACT INFORMATION
Leadership Team

Columbia University’s Center for Urban Real Estate was founded in 2011 in order to address the
challenges of a rapidly urbanizing world and the most complex problems of the real estate industry. The
Center serves as a forum for robust discussions and rigorous analysis by real estate professionals and
scholars.
A major current focus of the Center is the development of advanced applied technology that can be achieved
by bridging the gap between the compelling needs of the real estate industry and the advanced research and
resources in technology within the extensive Columbia University ecosystem.
As part of our commitment to advancing the real estate industry, the Center also contributes significantly to
the curriculum of the graduate Real Estate Development program at Columbia. The Center hosts exciting,
creative and forward-looking events that address the evolution of the industry as a whole, and very
specifically, the application of advanced technology to achieving in the future a better built environment for all.
People
Patrice Derrington, Director
Josh Panknin, Associate Director
Website Center for Urban Real Estate
ABOUT COLUMBIA UNIVERSITY’S CENTER FOR
URBAN REAL ESTATE (CURE)

EXISTING CHINESE PROPTECH INDUSTRY MARKET FACTS
1. According to CB Insights, from 2013 – Q1
2017, China accounted for nearly 25% of
global residential RE market of $162 trillion
USD. Meanwhile, in terms of the number of
deals, China was home to the 4th highest
number of deals, accounting for 4% of the
overall activity, behind U.S., U.K., and India.

2. Funding in RE tech investments in China
increased significantly from $12M in 2013
to $987M in 2016.

Source: CBInsights

EXISTING CHINESE PROPTECH INDUSTRY MARKET FACTS
3. From 2013 – Q1 2017, compared to India, China
had 1/3 of deal activities in RE tech, but had
attracted 13 times as much as the total capital.
4.
Of the top 3 most well-funded RE tech
companies globally, two are Chinese.
The most well-funded company,
Homelink, attracted 3 times as much
investment as the runner up, Opendoor.

Source: CBInsights

Meet the Chinese Unicorns

CHINA UNICORN RANKING AS OF JUNE 2017*
102 Chinese Unicorns Worth $435 Billion (China Money Network)
•  According to China Money Network, as of June 2017, there are 102 unicorns in China with aggregate valuation of US
$435 billion.
•  There are 8 decacorns dominating the top 10 spots.
•  If the Chinese unicorns were an independent nation, they would form the world’s 26th largest economy.
•  According to BCG, the combined market cap of the Chinese unicorns will soon overtake their US counterparts.
Source: *China Money Network (CB Insights includes only a portion of the Chinese unicorns in China Money Network’s ranking)
Ranking Company
Valuation
(US$B)
Headquarters Industry
1 Ant Financial 70 Hangzhou Financial Services
2 Didi Chuxing 50 Beijing Auto & Transportation
3 Xiaomi Inc 46 Beijing Industrial & Manufacturing
4 Meituan-Dianping 30 Beijing Retail & Consumer
5 Toutiao 20 Beijing Media & Entertainment
6 Lufax 18.5 Shanghai Financial Services
7 DJI 10 Shenzhen Industrial & Manufacturing
8 Tencent Music 10 Shenzhen Media & Entertainment
9 Koubei 8 Hangzhou Retail & Consumer
10 Cainiao Network 7.3 Hangzhou Auto & Transportation
11 Jiedaibao 7.3 Beijing Financial Services
12 JD Finance 7.3 Beijing Financial Services
13 Ele.me 6 Shanghai Agriculture & Food
14 Lianjia 6 Beijing Real Estate & Construction
15 WeBank 5.5 Shenzhen Financial Services
16 Trendy International Group 5 Guangzhou Retail & Consumer
17 United Imaging Healthcare 5 Shanghai Pharmaceutical & Healthcare
18 iQiyi 4.5 Beijing Media & Entertainment
19 Meizu 4.4 Zhuhai Industrial & Manufacturing
20 BAIC BJEV 4.2 Beijing Auto & Transportation
21 UBtech Robotics 4 Shenzhen Internet & IT
22 Shouqi Car Rental 3.55 Beijing Auto & Transportation

CHINESE UNICORNS
Located in 1st tier Cities & Dominated by FinTech, Sharing Econ & E-commerce
•  In terms of industry, financial services, mobile internet, O2O, e-commerce and AI are sectors giving birth
to the most unicorns, accounting for 65% of the total number of the companies.
Source: China Money Network
Beijing
44
Shanghai
24
Shenzhen
10
Hangzhou
12
Tianjin
2
HongKong
2
Chongqing
1
Others
11
Chinese Unicorns:
Headerquarter Location
18
16
8
12
16
8
15
4
3 3
1 1 1
0
2
4
6
8
10
12
14
16
18
20
Chinese Unicorns: Industry Analysis

Meet the Chinese PropTech Unicorns

CHINESE PROPTECH UNICORNS
8 Companies & $17 B in Total Valuation
•  Among the unicorns, real estate sector is giving birth to 8 companies and $17 billion in value,
representing 3.8% of the aggregate valuation.
•  The PropTech unicorns include three RE brokerage marketplace, a WeWork in China (UrWork), an Airbnb
in China (Tujia), two home décor marketplace, and a rental apartment operator.
Source: China Money Network
$135
$86
$68
$43
$52
$17 $22
$12
$6 $3 $3 $2 $1
$-
$20
$40
$60
$80
$100
$120
$140
Chinese Unicorns: Industry Valuation (US
$B)
Company
Value
(US$B)
Sector
Lianjia 6
RE brokerage
marketplace
Jia 3
Home furnishing e-
commerce
Tubatu 2
Interior design
consulting
Tujia 1.5 Vacation rental
UrWork 1.3 Co-working
Iwjw 1.25
RE brokerage
marketplace
Fangdd 1
RE brokerage
Marketplace
Mofang
Apartment
1
Rental apartment
operator
PropTech Unicorns in China (2017)

CHINESE PROPTECH UNICORNS
Keywords: Residential RE, Marketplace, Serial entrepreneurs, Well-Known VCs
•  6 out of 8 PropTech unicorns are in residential real estate sectors.
•  3 out of 8 PropTech unicorns are RE brokerage marketplace – one headquartered in BJ, SH, and SZ each.
•  Most PropTech unicorns are founded by serial entrepreneurs (UrWork, lwjw, Tujia etc.).
•  Most active VCs: Sequoia, GGV, Matrix, Lightspeed (international) & CDH, Baidu, Tencent (local).
Rank Company
Value
(US$B)
Sector Headquarter
Total Funds
Raised
Time
Founded
Last
Financing
Round
Key Investors
14 Lianjia 6
RE brokerage
marketplace
Beijing $1.3B 2001 17-Jan
Huasheng, Baidu,
Tencent, Sunac
26 Jia 3
Home furnishing
e-commerce
Shanghai $172M 2005 15-Feb
Oriza, GF Xinde,
CDH, Baidu
46 Tubatu 2
Interior design
consulting
Shenzhen $216M 2008 15-Mar
Matrix, Sequoia,
58.com
95 Tujia 1.5 Vacation rental Beijing $764M 2011 17-Oct
GGV, Ctrip, CDH,
Lightspeed, All-Stars
61 UrWork 1.3 Co-working Beijing $314M 2015 17-Jan
Sequoia, ZhenFund,
Tianhong, BJ Capital
64 Iwjw 1.25
RE brokerage
Marketplace
Shanghai $305M 2014 15-Nov
GGV, Morningside,
Temasek, Banyan
78 Fangdd 1
RE brokerage
Marketplace
Shenzhen $313M 2011 15-Sep
CDH, FountainVest,
Lightspeed
89
Mofang
Apartment
1
Rental apartment
operator
Shanghai $560M 2010 16-Apr
Warburg Pincus,
AICC
Source: ITJuzi.com; EverVC.com; Crunchbase

CHINESE COUNTERPART OF PROPTECH GAINTS
US PROPTECH COMPANY CHINESE COUNTERPART
Zillow Lianjia (Homelink)
Airbnb Tujia
WeWork Urwork
WeLive Mofang Apartment
LoopNet Uban
Will there be a “Opendoor”, “Compass”, and “Cadre” in China in the
future?

CASE STUDY: UrWork vs WeWork
Company Character & Future Strategy
Source: Crunchbase; South China Morning Post
Company UrWork
Year of
Incorporation
2015 2010
Headquarter Beijing New York
Total Financing $343.72 M in 5 rounds $8.85 B in 12 rounds
Latest Financing
Round (Date)
Series C (2017/08) Series G (2017/08)
Key Investors
ZhenFund, Sequoia Capital, Sinovation,
Dahong Group, Ant Financial
T.Rowe Price, Benchmark Capital,
Softbank Group, Goldman Sachs
Valuation (2017) $1.3 B USD $20 B USD
Current
Performance
25 global cities
88 co-working spaces
30,000+ members
53 cities in 17 countries (3 in China)
225 co-working spaces (11 in China)
150,000+ members worldwide
Future Strategy
Going International:
UrWork have accelerated their
expansion into international markets.
UrWork opened its first US site in LA
and hopes to launch in NYC and
London.
Sharing the Chinese co-working pie:
SoftBank made an investment of $4.4B,
including $3 B in WeWork’s core operation and
$1.4B on WeWork companies in China, Japan,
South Korea, and SE Asia. In July, WeWork
launched a Chinese unit to expand beyond
Beijing, Shanghai, and Hong Kong.

CASE STUDY: Tujia vs Airbnb
Company Character & Future Strategy
Source: Crunchbase; CNN; Tech in Asia
Tujia
Year of
Incorporation
2011 2008
Headquarter Beijing San Francisco
Total Financing $764M in 4 rounds $3.4B in 10 rounds
Latest Financing
Round (Date)
Series E (2017/10) Series F (2017/03)
Key Investors GGV Capital, QiMing Venture, Ctrip, Lightspeed
General Catalyst Partners, Andreessen Horowitz,
ENIAC Ventures
Valuation (2017) $1.5 B USD $29B USD
Current
Performance
430,000 listings in China
20,000 outside China
Broader range of services, e.g. cleaning
Entered Chinese market in 2015
80,000 listings in China
3M listings outside China
Mostly in first-tier cities and Hong Kong
Future Strategy
Hands-on model:
•  Works with real estate developers, agents,
and owners to manage their properties.
•  Contracts local service providers for
utilities, laundry, cleaning etc.
•  Comply with regulations: a guest can hold
up an ID card and take a selfie to check in.
•  Connect with property owners and
expansion beyond major cities.
Acting local but US business model:
•  New concept of guided tours and local
experiences.
•  Signed deals with governments to promote
tourism
•  Still uses email as ways of communication
while Chinese prefers phone calls and
WeChat.
•  Lack of close interaction with the government.

Who is Investing in China’s Startups?

WHO IS INVESTING?
1.
Chinese Internet Giant Trio (“BAT”)
•  Baidu (Chinese search engine), Alibaba (e-commerce
company), and Tencent (media & entertainment company,
e.g. QQ, Wechat)
2. International Renowned VCs
•  Sequoia, IDG, Matrix, GGV
3. Domestic Top VCs
•  ZhenFund, Sinovation, K2VC, Qiming Venture

WHAT ARE CHINA’S INTERNET GIANT TRIO INVESTING IN?
Sticking with What They are Good at
Source: ITJuzi.com; EverVC.com
Investor
Founded
in
Total
Investments*
Key Invested Industry
(based on No. of Investments)
Selected
Investments
Key Personnel
Baidu
Investment
2000 110
Internet & IT;
Media & Entertainment;
Auto & Transportation;
Education
Homelink; iQiyi; Uber
China; edaixi
Tony Yip
(Ex-banker;
Goldman)
Alibaba
Capital
2008 214
E-commerce;
Logistics;
Internet & IT
Didi; Ele.me; Magic
Leap; Ucar; Youku;
Lazada Group;
YCloset
Shihuang Xie
(Co-founder of
Alibaba)
Feiyan Zhang
(Deloitte; Tuck MBA)
Tencent
Corporate
Venture
Capital
2011 439
Gaming;
E-commerce;
Pharmaceutical &
Healthcare;
Auto & Transportation
Didi; Dianping,
58.com; Homelink;
ofo; Douyu;
China Internet Plus
Zhaohui Li
(Google; Beijing U;
Duke MBA)
Shaohui Chen
(Monitor; Goldman)
* Total No. of Investment including different rounds of investments on the same firm.

MOST ACTIVE INTERNATIONAL VCs IN CHINA
Investing in the Most Popular and High Demand Industries
Investor
Founded in
(or Enter
China)
Total
Investments*
/China Fund Size
Key Invested
Industries
Selected
Investments
Key Personnel
Sequoia
Capital
2005
547
Internet & IT;
E-commerce;
Financial Services;
Pharmaceutical &
Healthcare;
Clean Energy
Alibaba;
Jingdong; DJI;
Toutiao; Meituan;
ofo
Neil Shen
(Ex-banker; Yale MBA)
Kui Zhou (Tech investments;
Tsinghua MBA)
Steven Ji
¥5B RMB
$3B USD
IDG
Capital
1992
674 E-commerce;
Internet & IT;
Financial Services;
Media & Entertainment
Ctrip; Baidu;
SouFun;
Meitu; Homeinn;
Tudou
Quan Zhou
(Ex-NASA; PhD)
Xiaohe Xiong (IT Investments;
Harvard MBA)
¥20B RMB
$4B USD
Matrix
Partners
China
2008
545
Internet & IT;
E-Commerce;
Media &
Entertainment;
Pharmaceutical &
Healthcare
Didi; Liepin;
Ele.me; To8To;
ofo; Momo
Ying Zhang
(Northwest Biology Master; Ex-
Banker)
Yibo Shao
(Harvard BSc & MBA; BCG)
¥20B RMB
GGV
Capital
2005
176 Internet & IT;
E-commerce;
Education;
Gaming
Alibaba; C-trip;
Didi; Tujia; lwjw;
Little Red Book,
Qutar
Jixun Foo
(Singaporean; Ex-banker)
Jenny Lee (Ex-banker &
engineer; Kellogg MBA)Unknown

MOST ACTIVE DOMESTIC VCs
Investing in Industries that are consistent with Key Personnel’s Background
Investor
Founded
in
Total
Investments*/
Fund Size
Key Invested Industries
Selected Investments Key Personnel
ZhenFund 2006
420 E-commerce;
Internet & IT (big data &
AI);
Education
Jumei; UrWork; ofo; 51
Talk; Jiayuan; VIPKID;
ehang
Xiaoping Xu (Co-founder of
New Oriental; Beijing U)
Qiang Wang (Co-founder of
New Oriental; Beijing U; SUNY
Master)$300M USD **
Sinovation 2009
355 Gaming;
E-Commerce;
Internet & IT (AI)
ofo; Zhihu; Face++;
Meitu; LeTV; Dorabot;
baozou
Kaifu Li (Google China CEO;
Columbia Bsc; PhD in CS from
CMU)
Hua Wang (Google China;
Stanford MBA)
¥400M RMB
$180M USD
K2VC 2010
312 E-commerce;
Financial Services;
Auto & Transportation;
Media & Entertainment
Jumei; zhaogang;
mydream+; Lepu; Moji;
Tiger Brokers
Keqi Chen (Investment;
Beijing U; Mountaineer)
Fan Bao (Morgan Stanley;
Credit Suisse; Norwegian
School of Mgnt)¥1B RMB
Qiming
Venture
Partners
2006
243 Pharmaceutical &
Healthcare;
Internet & IT (big data);
E-Commerce
Xiaomi; Dianping;
Meitu; Mogujie;
TigerMed; Face++
JP Gan (Intel, Cisco)
Gary Rieschel (Cisco Senior
mgnt)¥2.7B RMB
$2.7B USD
** Based on public information.

SUMMARY ON MOST ACTIVE VCs IN CHINA
1
BAT mainly sticks with their roots – Baidu (Internet & IT),
Alibaba (E-commerce), Tencent (Gaming, Media &
Entertainment). They like to invest in post-angel rounds.
2
International VCs mainly invest in industries that are most
popular in China at the time – from e-commerce, media &
entertainment (a few years ago) to financial services and
Pharmaceutical & Healthcare. They like to invest in A or B
series.
3
Domestic top VCs mainly invest in the industries in which their
key personnel’s have experience in and knowledge of. They like
to invest in seed or angel rounds.

Who are the Active Investors in
PropTech in China?

WHICH VCs ARE ACTIVE IN PROPTECH IN CHINA?
Most Firms Have Invested in Co-working and Online Marketplace
Source: ITJuzi.com; EverVC.com; crunchbase
•  Most of the active VCs in PropTech have invested in co-working and O2O marketplace.
•  Other popular sub-categories are mainly in home decoration, short rental, and apartment operators.
Investor
Total No. of
Investment*
Founded in
(or Enter China)
Headquarter Fund Size
Selected
PropTech Firms
Matrix Partners
China
22 2008 Beijing ¥20B RMB
Homelink; To8to; Anjuke;
HotelGG; Lepu
IDG Capital 18 1992 Beijing
¥20B RMB
$4B USD
Soufang; Mogo Room;
krspace; Youzi; Simplywork
Shunwei Capital 16 2011 Beijing
¥2B RMB
$1.75B USD
lwjw; Uban; Hinabian;
ikongjian; yuapt; YOU+
Morningside
Ventures
13 1986 Shanghai $1.5B USD
lwjw; shengong007;
xiaozhu
K2VC 13 2010 Beijing ¥5B RMB
Goufang; NCNES; Lepu;
Jianfanjia; Mydream+
Sinovation 9 2009 Beijing
¥400M RMB
$180M USD
Urwork; Yiao; Homeserve;
Zhufaner
Legend Capital 8 2001 Beijing
¥5B RMB
$2B USD
Xiaozhu; Yaduo Hotel;
uoko; podinn;
SAIF Partners 7 2001 Hong Kong
¥6B RMB
$4B USD
Jiwu; qk365; Orvibo
* Total No. of Investment including different rounds of investments on the same firm;

PropTech in China Market Map

RESIDENTIAL PROPTECH MARKET MAP
Selected VC-Funded Startups (Startups Receiving Financing Since 2015)
* Selected startups receiving financing since 2015

COMMERCIAL PROPTECH MARKET MAP
Selected VC-Funded Startups (Startups Receiving Financing Since 2015)
* Selected startups receiving financing since 2015

Residential Home Décor
Marketplace
Listing & Search
O-2-O
Renting & Leasing
O-2-O
Shared Housing &
Apartment Operator
Commercial Renting & Leasing
O-2-O
Co-working Hotel & Short Rental
Marketplace
MOST SATURATED SECTORS IN CHINESE PROPTECH

Residential Data, Valuation &
Analytics
Crowd-funding Marketing RE VR Tech
Commercial Mortgage & Lending Data, Valuation &
Analytics
Property
Management
Crowd-funding
LEAST SATURATED SECTORS IN CHINESE PROPTECH

Meet the Up-and-Coming PropTech
Firms in China

TOP 10 UP-AND-COMING PROPTECH FIRMS (2016 – 2017 Aug)
Keywords: Commercial RE, Marketplace, Apt Operators, Short Rental
No. Company Sector Description
Total Fund
Raised
(in $M)
Last
Financing
Round
Latest
Financing
Date
1
Qfang
Q房网
Residential
Listing & Search
Services
$550.00 Acquired 1/2017
2
Xiaozhu
小猪短租
Commercial
Hotels & Short Rental
Marketplace
$270.00 Series E 11/2017
3
Haowu.com
好屋中国
Residential
Listing & Search
Services
$156.00 Acquired 9/2016
4
Atour
亚朵
Commercial Hotels & Short Rental $135.00 Series C 12/2016
5
Haozu
好租
Residential
Renting & Leasing
Marketplace
$133.33 Series B+ 2/2017
6
axhome
安心公寓
Commercial
Shared Housing &
Apartment Operator
$106.52 Series B+ 5/2017
7
Mogo Room
蘑菇公寓
Commercial
Shared Housing &
Apartment Operator
$88.33 Series C 3/2017
8
AMTT Group
安美数字
Commercial
Data, valuation &
Analytics
$83.48 Series E 10/2016
9
Krspace
氪空间
Commercial Co-working $80.30 Series B 9/2017
10
58 Fangdai
房司令
Commercial Mortgage & Lending $75.50 Series E 8/2017

WHAT ARE THE INVESTMENT TRENDS?
1. Consolidation of residential listing & search services.
2. Popularity among asset-based PropTech.
E.g. co-working, hotel, and shared housing & apartment operator.
3. Increasing investment in commercial real estate sector.
4. Emergence of PropTech companies in data, valuation &
analytics and mortgage & lending.

Summary of PropTech in China

IN SUMMARY – 8 THINGS YOU SHOULD KNOW
1 HOW BIG IS THE OPPORTUNITY?
China has ~25% of the global residential real
estate market value. Meanwhile, from 2013 –
Q1 2017, China was only home to 4th
most
number of deals in the world, accounting for 4%
of total deal share (CB Insights).
2 HOW MANY PROPTECH UNICORNS IN
CHINA?
Until June 2017, real estate sector has 8 out of 102
Chinese unicorns with $17 billion in value, representing
3.8% of the aggregate Chinese unicorn valuation.
3 W H AT A R E C O M M O N A M O N G
PROPTECH UNICORNS?
Most of the PropTech unicorns are in residential
sector. 3 of 8 unicorns are RE brokerage
marketplace.
4 HOW ARE PROPTECH FIRMS DIFFERENT
FROM THEIR US COUNTERPART?
Although Chinese PropTech unicorns seem to have
similar business models as their US counterparts, they
have all adopted domestic approach to grow business,
e.g. Tujia.
5 WHAT ARE THE MOST HIGHLY
INVESTED SECTORS IN PROPTECH
IN CHINA NOW?
In the recent 2 years, the top 10 most well-
funded PropTech firms are mostly in the
commercial sector, especially in co-working,
shared housing & apartment operator, and
marketplace.
6 WHICH SECTORS WITHIN PROPTECH
HAVE BIGGEST POTENTIAL GROWTH?
Sectors that have not been well represented:
•  Residential: data, valuation & analytics, crowd
funding, VR tech, and marketing.
•  Commercial: mortgage & lending, data, valuation &
analytics, property management, & crowd
financing.
7 WHAT DO TOP VCs LIKE TO INVEST
IN PROPTECH IN CHINA?
Most of the top VCs in China who have invested
in PropTech are likely to have invested in co-
working and online marketplace platforms.
8 WHAT ARE COMMON AMONG VCs WHO
INVEST IN PROPTECH IN CHINA?
Most active VCs in PropTech either have deep
government ties or have funds originated from past
successful real estate developments.

Thank You.
For further question, please contact:
MetaProp NYC
Aaron Block: ablock@metaprop.org
Leila Collins: lcollins@metaprop.org
The Center for Urban Real Estate, GSAPP Columbia University
Patrice Derrington: pad2160@columbia.edu
Josh Panknin: jcp2200@columbia.edu
Alice Guo: yun.guo@columbia.edu
The author of the report is Alice Guo, a student at Columbia’s MSRED Program and a Venture Fellow at MetaProp, with special
thank you to Patrice Derrington, Aaron Block, Leila Collins, Deedee Chong, Xinyi Wang, and Yilu Zou.

APPENDIX

Lianjia (Homelink) 链家
•  Lianjia claims to have a 7% market share in China’s O2O real estate services market.
•  China’s 2nd largest property developer, Vanke, has agreed to invest $440M in Apr 2017.
•  Lianjia has IPO agenda with Series B investors. If the company fails to complete an IPO by 2021, investors can
demand the company buy back its shares at an annualized rate of 8%.
Company
Description:
The largest real estate brokerage firm in China, with more than 6,000 branches and
120,000 employees nationwide. It is building an O2O platform to provide an extensive
range of services in real estate, including helping clients sell, buy, rent properties within
China and internationally.
Funding
Status:
Valuation: $6B (2017)
Total Funding: $1.3B in 3 rounds
Series A – Undisclosed
Series B ($926M) – Huasheng Capital, Tencent, Baidu,
Source Code Capital, Hillhouse Capital & Matric Partners
(04/2016)
Series C ($375M) – Sunac China Holdings Ltd. (01/2017)
Keywords:
#Residential RE #O2O
#Brokerage
#Listing & Search
#Renting
Location:
Beijing, China
Core Team: Mr. Ma Hui, 46 (Founder & CEO)
CS major; worked as software sales
Time of Incorporation:
2001
Comments: Ranked No. 14 among 2017 China’s Unicorns
One of the largest home sales and rentals platforms in China
Baidu and Tencent are Series B Investors
Series C from Hong Kong-based developer Sunac
Website:
https://www.lianjia.com/

Jia.com 齐家网
•  One of the largest furnishing e-commerce providers with a huge customer base.
•  As of April 2015, it provided services in 50 cities in China, with 40,000 suppliers and more than 9
million registered users.
Company
Description:
A provider of an online platform to purchase home furnishing. Launched in March
2005, Jia.com was originated by Qijia Information Tech Co. Ltd. and the core business
include decorations, building materials, furniture, appliances etc.
Funding
Status:
Total Funding: $172M in 4 rounds
Series A ($2M) – Oriza Holdings (01/2007)
Series B ($10M) – GF Xinde Investment (11/2008)
Series C (Undisclosed) – Baidu, CDH Investments (12/2010)
Series D ($160M) – Undisclosed (03/2015)
Keywords:
#Interior Design
#O2O
#Home Décor
#E-commerce
Location:
Shanghai, China
Core Team: Mr. Deng Huajin (Found & CEO)
Previous VP in Philips China which manufactures lighting
electronic products
Time of
Incorporation:
2005
The largest online platform for online home furnishing purchase
Baidu invested in Series C, while most other investors are VCs
Website:
http://www.jia.com/

Tubatu (To8to) 土巴兔
•  In 2012, To8to launched decoration insurance. To8to acts as a trust and monitors 100% construction fee and fee schedule
that regulates the relationship btw the home owner & the home décor companies.
•  In 2015, To8to added a new feature – B2C e-commerce of home décor. It has intermediate transition warehouses in 7
cities that streamline the factory-to-customer logistics process.
Company
Description:
To8to provides services for users to find contractors to renovate and decorate their
apartments. It acts as a disruptor in the home décor market, as it increases the
transparency of the construction and brings together over 70,000 decoration companies
and 950,000 designers from 80 cities in China in an integrated platform from which
consumers can choose from.
Funding
Status:
Seed (Undisclosed) – Matrix Partners (06/2011)
Series A (Undisclosed) – Matrix Partners (06/2013)
Series B ($16M) – Sequoia Capital, Matrix Partners
(02/2014)
Series C ($200M) – Sequoia Capital, 58.com, Matrix
Partners (03/2015)
Keywords:
#Interior design #B2C
#Home décor #Consulting
Location:
Shenzhen, China
Core Team: Mr. Wang Guobin (Founder & CEO)
Serial startup founder; Top 35 under 35 by iheima.com in
2016
2008
From the customer’s perspective, To8to simplifies the home
decoration process to 3 steps: choose the best option, check
the finished project and pay for services
Website:
http://www.to8to.com/

Tujia 途家
•  Tujia is known as the China’s Airbnb, it offers 430,000 homes in over 300 cities.
•  Unlike Airbnb’s model, which connects homeowners with travellers, Tujia also helps developers rent out vacant
properties – taking advantage of China’s property glut.
•  In 2016, Tujia acquired homestay business of Ctrip and Qunar, two of the largest travel websites in China.
Company
Description:
Tujia.com is an online vacation rental services provider in China targeting middle to
high-end Chinese travelers. Tujia manages the properties listed on their website and
works with Chinese real estate developers to rent out unsold inventory. Tujia also
operates in Southeast Asia, with presence in Singapore, Taiwan, Japan, and South
Korea.
Funding
Status:
Valuation: $1.5 B (2017)
Total Funding: $764MM in 5 rounds
Series A ($15M) – Lightspeed, CDH Investment, Ctrip,
HomeAway (05/2012)
Series B ($49M) – GGV Capital, Lightspeed, China
Broadband, CDH, Ctrip, Homeaway, Qiming VP(02/2013)
Series C ($100M) – Same as above (06/2014)
Series D ($300M) – All-Stars Investment, The Ascott, Ctrip
(06/2015)
Series E ($300M) – All-Stars Investment, Ctrip, Glade
Brook, G Street Capital (10/2017)
Keywords:
#Commercial RE
#Short Term Rental
#Hotel #Airbnb in China
#Marketplace
Location:
Beijing, China
Core Team: Mr. Luo Jun (Founder & CEO):
Former senior management at Ehouse, Sina Property, Cisco,
Oracle, Avaya; accounting major
2011
It became a unicorn since 2015
Website:
https://www.tujia.com/

UrWork 优客工场
•  Established with the joints of investors including ZhenFund, Sequoia, and Sinovation.
•  The annual Revenue is around $58.5M – 75% from space rental & 25% from other value-added services
•  It just completed a $179M pre-C financing to increase presence to 160 co-working locations in 32 cities globally within
three years.
Company
Description:
UrWork is a Chinese co-working space platform that offers integrated multi-functional
services and modern office facilities. UrWork operates 78 co-working spaces in 20 major
cities across China, as well as Hong Kong, Taiwan, Singapore, New York, and London.
Funding
Status:
Valuation: $1.3B (2017)
Seed –Series A – ZhenFund, Sequoia Capital, Sinovation
Ventures (04/2015)
Series A+ ($31M) – Gopher Asset Mgnt (03/2016)
Series A ($46M) – Zhongrong International, Yintai Land
(06/2016)
Series B ($58M) – Tianhong Asset, Sinovation, Sequoia,
ZhenFund, Chuanghehui Fund, Tianming, Dahong, Junfa
(01/2017)
Series C ($179M) – Beijing Capital Land, Beijing Xingpai
Group, Aikang Group (07/2017)
Keywords:
#Commercial RE
#Co-working
#WeWork in China
Location:
Beijing, China
Core Team: Mr. Mao Daqing (Founder & CEO)
Former VP of Vanke
2015
To name a few tenants, Amazon China, ofo (bike-sharing &
unicorn), Toutiao (unicorn)
Website:
https://www.urwork.cn/

Aiwujiwu 爱屋吉屋
•  Unlike other companies, Aiwujiwu initially operated no offline stores. Instead, users book viewing
appointments via the website or app.
•  China’s online real estate market is crowded and the competition is fierce. Aiwujiwu’s advantage? A site
that is more aesthetic than many competitors, and some unique features such as video tours.
Company
Description:
Aiwujiwu is a rental and second-hand home listing portal which can functions as a
virtual agent. The site allows for easy location-based visualization and searches and
many of its listings include video tours. It charges a 1% commission for home sales
and a portion of rental fee from landlords and the tenants.
Funding
Status:
Valuation: $1.25B (2017)
Series A (Undisclosed) – MorningSide Ventures (06/2014)
Series B (Undisclosed) – Banyan Fund, MorningSide
(09/2014)
Series C ($35M) – GGV Capital, Shunwei Capital, Banyan,
MorningSide (12/2014)
Series D ($120M) – GGV Capital, MorningSide, Banyan,
Shunwei (05/2015)
Series E ($150M) – Temasek Holdings, Hillhouse Capital,
(11/2015)
Keywords:
#Listing & Search
#Rental #Brokerage
Location:
Shanghai, China
Core Team: Mr. Li Yongjin & Ms. Deng Wei (Co-founders)
Former execs from Tudou.com and Dahuangfeng
2014
5 rounds of financing raised within 1.5 years
Website:
http://www.iwjw.com/

FangDD 房多多
•  Since 2015, Fangdd has partnered with Ganji.com, a domestic classified website with 300M+ users every month. Fangdd
puts all of its new housing resources on Ganji.com.
•  FangDD has a "pay-for-performance" business model instead of charging fees for every listing like other online estate
services (SouFun, Anjuke) that charge customers for listing property information on the platform.
Company
Description:
FangDD is the an O2O real estate platform in China. It facilitates transactions
between property sellers and home buyers through real estate brokers. It is
currently working with over 100,00+ brokers, has office in more than 50 cities and
employs around 3,000 people.
Funding
Status:
Seed ($2M) – Decent Capital (06/2012)
Series A ($8M) – CDH Investment (07/2013)
Series B ($80M) – Lightspeed China Partners, CDH
Investments, Vision Knight Capital (07/2014)
Series C ($223M) – Fountainvest Partners (09/2015)
Keywords:
#Brokerage
#Listing & Search
Location:
Shenzhen,China
Core Team: Mr. Duan Yi & Mr. Zeng Xi (Co-founders)
Real estate background; serial startup founders
2011
CTO was a previous product manager at Tencent
One partner was a key personnel at Vanke
Website:
http://www.fangdd.com

Mofang Gongyu 魔方公寓
•  One of the largest rental apartment operators and franchises in China.
•  The long-term apartment leasing demand will continue to expand in tier 1 and tier 2 cities given the buyer restriction
policies in major cities like Shanghai, Nanjing, and Shenzhen.
Company
Description:
One of the largest institutional rental apartment operators in China. The company rents
its apartments to white collar, college educated residents with an attractive average
monthly income and provides value-added services. Mofang currently operates over 150
apartments complexes in major Chinese cities, such as Beijing, Shanghai, Guangzhou,
Shenzhen, Nanjing, Wuhan, Suzhou, Hangzhou, Chengdu, and Xi’an.
Funding
Status:
Series A – DT Capital Partners
Series A+ ($60M) – Warburg Pincus (01/2013)
Series B ($200M) – Warburg Pincus (05/2015)
Series C ($300M) – Aviation Industry Corporation of
China (04/2016)
Keywords:
#Rental Apartment
#Property Management
Location:
Shanghai, China
Core Team: Mr. Ge Lan (Founder)
Ms. Liu Jia (CEO)
2010
Comments:
Ranked No. 82 among 2017 China’s Unicorns
Most recently Series C funding raised $300 M in 2016/04
from the state-owned AICC
It became a unicorn in 2016
Website:
http://www.52mf.com.cn/

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