The multi-billion-dollar home-sharing industry, which is transforming short-term rental markets around the globe, could soon be redefined by new competitors.
One of Airbnb’s biggest rivals, Xiaozhu, is in talks with investors for more than $200 million to take on the pioneering American home-sharing giant, Bloomberg reported. The company’s website lets users rent and host homes and apartments across China, just like Airbnb. Xiaozhu is reportedly targeting a valuation greater than the $1-billion mark it hit last year.