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Xiaomi founder Lei Jun might make another foray into apartment rentals

Written by Luna Lin Published on 

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The move came amid the Chinese government’s push to develop the housing rental market.

Xiaomi has recently set up a new company which has a license to provide real estate rental services, company registration information shows.

Mi Space Information Technology, which was registered on March 26 in Nanjing, lists Xiaomi’s founder Lei Jun as its executive director and Xiaomi vice president Liu De as general manager. The company’s parent, Mi Space NJ Limited, is a company that was registered in Hong Kong last December.

Xiaomi’s move to set up a company for housing rental services came amid the Chinese government’s push to develop the country’s housing rental market. Both central and local authorities have been encouraging investments in the apartment rental sector, as the housing bubble in recent years has inflated property prices and made buying property less affordable for young people working in cities.

It’s not the first time Xiaomi founder Lei Jun invest in the real estate rental sector. Shunwei Capital, an internet fund started by Lei Jun in 2011, led two rounds of funding in Guangzhou-based serviced apartment operator Youplus in 2014 and 2015. Right before Xiaomi’s went public in Hong Kong, Shuwei Capital participated in the series B financing round of Beijing-based serviced apartment operator Lefull.

A spokesperson at Xiaomi said it had no further information regarding the newly-registered company when contacted by KrASIA on Wednesday.

Editor: Nadine Freischlad

Write to Luna Lin at [email protected]

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