China short-term rental specialist xiaozhu.com raised $120 million in a funding round led by Jack Ma Yun's Yunfeng Capital, boosting the former's financial resources as it looks to compete with local rival Tujia and U.S.-based giant Airbnb.
China's largest house-sharing platform said in a statement on Wednesday that the fundraising meant it was now a "unicorn start-up," implying a valuation of more than $1 billion. Airbnb was valued at $30 billion in a fundraising round last year. Airbnb earlier this year denied a media report that it was in talks with Xiaozhu to work together in markets such as Japan.
