Tujia valuation surges after fund infusion

Tujia.com has raised $300 million at a valuation of more than $1 billion, as the Chinese vacation rentals site, often compared with Airbnb Inc, pursues financing to bankroll a global expansion.

All-Stars Investment Ltd led the latest round of financing, the startup said in a statement on Monday. The Chinese investment firm also backs smartphone maker Xiaomi Corp.

Tujia, which means "home on a journey", is focusing on expanding its services into Asian destinations popular with Chinese travelers, Melissa Yang, the co-founder and chief technology officer, said. Tujia expects to list 400,000 to 500,000 properties for rent by the end of the year, from more than 300,000 now, she said.