BEIJING, 30 September 2015: HNA Tourism Group announced, earlier this week, it will invest 500 million yuan (USD78M) in Zhubaijia.com, an overseas housing rental site for travellers similar to Airbnb.
The investment will initially focus on building web content in the house and apartment rental sector and providing the technology support to search and secure villa rental bookings at all the main tourist destinations in Asia.
Eventually it will mirror and compete head-on with Airbnb targeting exclusively in the Chinese market.
Through this partnership, Zhubaijia.com provides accommodation bookings across a wide range of resort and hotel options tailored for Chinese travellers.
HNA Tourism will share its customer base with Zhubaijia.com, and aims to turn this platform into the most popular housing rental site for Chinese travellers.
HNA Tourism operates a diversified business portfolio covering five areas, including aviation, hotels, tour operators, tourism related finance, and online travel technology.
HNA Tourism has more than 30 million customers around the world, and owns 144 aircraft and private jets, as well as 445 hotels including well known HN Hotels in Spain, Tsogo Sun Hotel Group and Red Lion Hotel Group. It also operates Caissa Touristic and 631 rental cars globally.
As of 2014, the company’s assets were valued at 110 billion yuan with an annual turnover of 36.8 billion yuan.