Airbnb’s China rival in talks to raise funds

One of Airbnb’s biggest Chinese rivals is in talks with Singapore’s sovereign wealth fund and other investors for more than $200 million in new funding to take on Airbnb, according to Bloomberg, citing people familiar with the deal.

Beijing-based Xiaozhu.com lets users rent and host homes and apartments across the country. It’s now targeting a valuation greater than the $1 billion it hit in November, but those figures could change as discussions are still under way, said the sources, who asked not to be identified talking about a private deal. Singapore’s GIC Pte is considering an investment in a round that’s already oversubscribed.