Chinese tourists posing for a selfie overlooking partially demolished houses at the Larung Gar Buddhist Institute in Sertar county in southwest China's Sichuan province. Photo: AFP/Johannes Eisele, China’s biggest short-term property rental firm, said on Tuesday it had raised US$300 million from investors, valuing it at more than US$1.5 billion as it looks to tap growing demand from Chinese tourists for independent travel.

The investment round was led by Chinese travel agent International Ltd and All-Stars Investment, while China Renaissance’s New Economy Fund, Glade Brook Capital, and G Street Capital also participated.

Tujia‘s main rival in China is Airbnb, which is beefing up its presence and looking to lure in the country’s young millennials. Airbnb was valued at US$30 billion last year.

Tujia‘s founder Luo Jun said in a statement the funds would be used to help improve and standardize the firm’s accommodation, and that it would “further invest in the domestic high-end real estate market and in foreign markets.”

The Chinese firm, which launched in 2011, raised US$300 million in 2015 from All-Stars Investment and others, then valuing the company at US$1 billion. It has over 650,000 online listings in China and overseas.

China Renaissance served as financial advisor to Tujia.