Tujia.com (TUJIA, +0.00%) , China’s biggest short-term property rental firm, said on Tuesday it had raised $300 million from investors, valuing it at more than $1.5 billion as it looks to tap growing demand from Chinese tourists for independent travel.

The investment round was led by Chinese travel agent Ctrip.com International Ltd and All-Stars Investment, while China Renaissance’s New Economy Fund, Glade Brook Capital, and G Street Capital also participated.

Tujia‘s main rival in China is Airbnb (AIRBNB, +0.00%) , which is beefing up its presence and looking to lure in the country’s young millennials. Airbnb was valued at $30 billion last year.

Tujia‘s founder Luo Jun said in a statement the funds would be used to help improve and standardize the firm’s accommodation, and that it would “further invest in the domestic high-end real estate market and in foreign markets.”

The Chinese firm, which launched in 2011, raised $300 million in 2015 from All-Stars Investment and others, then valuing the company at $1 billion. It has over 650,000 online listings in China and overseas.

 

Source : Fortune