Homeowners of CDL properties in China, such as Hong Leong City Center in Suzhou, will be able to list their apartments on mamahome. Source: CDL
City Developments Limited’s (CDL) China arm will invest RMB100 million (approx. S$20.4 million) for a 20 percent stake in Shanghai-based mamahome, a fast-growing online apartment rental platform.
A 56 percent stake is held by founder Shanghai Chongfu, which operates as an investment holding company, while E-House Capital – the financial services division of real estate firm E-House China – owns 24 percent.
The portal caters to the rapidly growing demand for mid- to long-term leasing in China, from leisure travellers to business executives on assignments and postings. There are currently more than 100,000 apartment listings on mamahome, with over 75 percent of them located in Shanghai, Beijing and Guangzhou.
Other services include housekeeping, renovation, 24-hour concierge and a call centre.
“The apartment rental market in China is entering an exciting era,” said Yuan Ye, Chairman and Founder of mamahome.
“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.”
Mark Yip, CDL Chief Marketing Officer and CDL China CEO, said the investment “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,” he added.
Screenshot of the mamahome portal.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
