Taiwan’s Neoglory Group Leads $29M Round In Chinese Apartment Rental Firm

Neoglory Group, a Taiwan-based conglomerate with real estate and investment businesses, has led a RMB200 million (US$29 million) series B round in Coming Space, a Nanjing city-based apartment rental start-up focused on young professionals.

A similar start-up, Mofang Apartment, a Shanghai-based apartment rental services franchise, raised a US$200 million from Warburg Pincus last May. In 2012, it also completed a funding round reportedly worth US$60 million from Warburg Pincus.

Another rival, a short-term serviced apartment platform, completed a RMB100 million (US$15 million) round from Singaporean real estate firm City Developments Ltd. last September.

Founded in 2010, Coming Space provides a number of rental services, including apartment, life-style hotel, co-working space, start-up cafe and incubator rental.

The company claims it currently manages properties with several million square meters in surface areas worth over RMB10 billion (US$1.4 billion), mainly in tier-one and tier-two cities including Nanjing, Shanghai, Hangzhou and Suzhou.

The company plans to expand its business overseas to the U.K., Japan and Singapore, and provides more services in the areas of living, working, entertainment, social activities, and financial services.