Tujia raises US$300 million

TUJIA.COM, China’s biggest short-term property rental firm, said yesterday it had raised US$300 million from investors, valuing it at more than US$1.5 billion as it looks to tap growing demand from Chinese tourists for independent travel.

The investment round was led by Chinese travel agent Ctrip.com International Ltd. and All-Stars Investment, while China Renaissance’s New Economy Fund, Glade Brook Capital, and G Street Capital also participated. Tujia’s founder Luo Jun said in a statement that the funds would be used to help improve and standardize the firm’s accommodation, and that it would “further invest in the domestic high-end real estate market and in foreign markets.”

Ofo plans Paris debut

BIKE-SHARING startup Ofo plans to launch its bicycles in Paris around the year-end in a move to become a dominant player in Europe.

Ofo, which operates 10 million bikes in China, launched a fleet of 4,000 in Milan last month and has begun operations in Vienna, Valencia and the London borough of Hackney. “We are ready to launch in Paris, we want to start by year-end or early next year, maybe more quickly if possible,” Ofo France general manager Laurent Kennel said. Ofo is also in talks with other French and European cities about rolling out its dockless bicycles.

Yuan midpoint set firmer

THE central bank lifted its official yuan midpoint to 6.6273 per U.S. dollar yesterday, its first firmer fixing since Sept. 22, reflecting spot yuan performance a day earlier.

The official guidance was 220 pips or 0.33 percent firmer than the previous fix of 6.6493 Monday. The move in the midpoint was the biggest strengthening in percentage terms since Sept. 8.

Insurers’ premium income up 20.45%

TOTAL premium income for China’s insurance industry in the January-August period rose 20.45 percent from a year earlier to 2.77 trillion yuan (US$418.39 billion), data from the country’s insurance regulator showed Monday.

Premium income for property insurance firms rose 14.44 percent to 690.1 billion yuan, according to a statement posted on the China Insurance Regulatory Commission’s website. Outstanding investment stood at 14.46 trillion yuan, up 8 percent from the beginning of the year, the statement said.