HONG KONG, April 16, 2018 /PRNewswire/ -- QingKe, has recently announced the Series C round equity financing jointly led by a fund managed by Morgan Stanley Private Equity Asia and consumer sector focused PE firm Crescent Point whereby QingKe has received in total more than US$100 million in equity financing. Investors in previous funding rounds include SAIF Partners, Fortune Capital and Newsion Venture Capital, etc.
"QingKe is the first investment by a fund managed by Morgan Stanley Private Equity Asia in China's long-term rental apartment market," said Ryan Law, Managing Director at Morgan Stanley Private Equity Asia. "We are optimistic about this trillion-yuan market segment and are confident in QingKe's leadership team and the company's highly automated operational platform. We believe that QingKe will remain a high-growth industry leader domestically and expand its footprint overseas."
"The long-term rental apartment market is very promising. QingKe's business model and core competitiveness are well established," said Lin Lin, managing partner at Crescent Point. "We will help QingKe to keep its industry leading position." Crescent Point, a private equity investment firm, is focused on consumer services, travel, the Internet and other consumption upgrade related sectors in the Asia-Pacific.
"Benefiting from the favorable policies by Chinese government, the long-term rental apartment industry is experiencing an upgrading journey," said Mr. Jin Guangjie, founder of QingKe. "From day one, QingKe has been continuously improving our efficiency, operations and services by leveraging information and Internet technologies, in an effort to provide convenient residential services at best price to young people living in big cities."
QingKe, founded in Shanghai in 2012, is a leading player in the decentralized long-term rental apartment industry in China. The company is committed to provide young individuals the best-valued long-term rental apartment services. QingKe leverages a wide array of Internet and IoT (Internet of Things) technologies to achieve management and operation efficiency and effectiveness. The company currently manages more than 70,000 rental units. From the perspective of contract with landlords, QingKe has a solid and stable assets portfolio with an average leasing period exceeding five years. On sales side, the company delivered a strong performance with occupancy rate at 95%. QingKe now has presence in Shanghai, Beijing, Hangzhou, Nanjing, Wuhan, Suzhou and Jiaxing.