CDL - Diversifying from Brick-&-Mortar World

City Developments Limited (CDL) will invest RMB 100 million ($20.4 million) for a 20% stake in mamahome, a fast-growing Chinese online apartment rental platform. After CDL’s investment, mamahome will be owned jointly by the founder Shanghai Chongfu (56%), E-House Capital (24%) and CDL China (20%).

mamahome is a one-stop solution for both apartment owners and rental customers. It provides an online booking website, online management software, and other value-added services including housekeeping, renovation, 24-hour concierge and call centre. In addition, mamahome also provides management for its own brands of serviced apartments — Suisse Place, Locca and Login.

Currently, there are more than 100,000 apartment listings on mamahome across 20 cities in China. Over 75% of the apartments are located in key gateway cities – Shanghai, Beijing and Guangzhou.