Ziroom secures $621m financing, reflecting investors' hopes

Ziroom, a Chinese online apartment rental platform operator, has secured $621 million in first round financing, a reflection of investors' high hopes for the country's expanding rental market - especially for the young migrants to large cities.

Different from traditional housing agents, Ziroom buys or takes over properties from landlords, then fully furnishes them in a way that appeals to younger people. Nationwide, Ziroom now administers 500,000 rooms, a number expected to reach 800,000 this year.

However, securing more housing resources seems to be less important than before, as Xiong Lin, CEO of the company, has merely mentioned it in the 2018 agenda. Instead, he is heavily emphasizing the service side, making Ziroom's apartments more appealing to young, white-collar city workers.