Mofang completes Series D financing of US$150 million from CDPQ
Mofang Apartments, China’s largest institutional for-rental apartment operator, announced today that it has completed Series D financing totaling US$150 million, led by Caisse de dépôt et placement du Québec (CDPQ), one of Canada's leading institutional fund manager.
Mofang is a pioneer and leader of China's apartment rental industry and is currently the largest domestic operator by number of operational rooms. Mofang has attracted funding from multiple investors in prior rounds of financing, including AVIC Trust and Warburg Pincus, by demonstrating excellent capabilities in product design, efficient operations and business model innovation.
New capital supports further innovation
Alex Zheng, the new Chairman of Mofang and founder of Plateno Group, one of the largest hotel groups in China, commented, “Mofang has helped to usher in a new era for accommodations in China by transforming underutilized property into incremental long-term rental housing for the people, which supports urban renewal and also meets the people’s rental needs. Mofang will continue to leverage its 10 years of experience to actively participate in the construction and operations of urban apartments for professionals, support entrepreneurship, and improve the living conditions of the city.”
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Kitty Liu, CEO of Mofang, said, “This latest round of financing enables Mofang to augment the brand’s market presence, extend its operational capabilities, enhance the IT system and loyalty programme, pursue M&A and further expand the franchise business. Mofang aims to be the top for-rental apartment operator in China with an efficient, convenient and intelligent apartment management platform.”
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Meng Ann Lim, Head of Private Equity – Asia Pacific at CDPQ, commented, “As a long-term investor, CDPQ seeks to be a constructive shareholder, working together with the management and partners to build good companies. Mofang’s high level of public recognition and professional capability has made it a success in 20 major cities across the country. We look forward to working alongside fellow investors Warburg Pincus, AVIC Trust and Mofang’s management team to further consolidate its leadership position.”
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Joseph Gagnon, Managing Director at Warburg Pincus , said, “We firmly believe that Mofang is the industry leader. Having a well-known and reputable investor like CDPQ will help Mofang accelerate its development and further consolidate its leadership position. Warburg Pincus will continue to support Mofang’s future development through various means, including real estate financing and property resources.”
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ABOUT MOFANG APARTMENTS
Mofang is China’s leading institutional for-rental apartment operator and an industry pioneer. Its business spans 20 major cities including Beijing, Shanghai, Guangzhou, and Shenzhen. Mofang caters to different market segments by leveraging its outstanding operational capabilities and a range of product offerings to offer safe, affordable, convenient, and comfortable rental solutions for urban professionals and workers. Mofang creates a revolutionary lifestyle ecosystem centered around its high-quality apartments and value-added services.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2018, it held CA$309.5 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
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