Rental platform Danke Apartment’s CEO Jing Gao received a high consumption restriction from the People’s Court of Minhang District on Dec. 8.
The shares of Danke Apartment, one of China’s biggest rental platforms, surged by more than 75% on Tuesday night, Beijing time, closing at $2.40, mainly due to the rumor that another leading rental specialist 5i5j will purchase Danke.
Renting an apartment in China is not that hard. There are a variety of online rental platforms providing customized services to both Chinese and foreign tenants.
Episode 62 of Tech Buzz China is on co-living and co-working, two of the formerly hottest — and now possibly coldest — sectors in China tech.
Chinese apartment rental platform Ziroom was involved in a series of controversies amid China’s developing COVID-19 crisis. Recently, several media reports have accused the company of taking advantage of vulnerable groups and evicting tenants from Hubei.
The long-term rental service provider Danke Apartment updated its F-1 prospectus filed to the US SEC and it is expected to be listed on New York Stock Exchange with the ticker symbol “DNK”.
Tiger Global Management has recently led Chinese long-term apartment leasing firm, Danke Apartment in a US$70 million series B+ funding round. This financing round comes three months after Danke managed to raise US$100 million in a B round led by CMC Capital and Gaorong Capital earlier this February.