IShangzu

About IShangzu

iShangzu, legally registered as Hangzhou iShangzu Technology Co., Ltd., was a significant player in China's burgeoning long-term apartment rental market. Founded in 2015 by Tong Hao, a real estate veteran with nearly two decades of experience and the founder of Zhejiang Shengshi Guanjia Real Estate Brokerage, the company was established to address the growing demand for quality rental housing. Tong Hao's extensive background in property operations, including a tenure as CEO of 5i5j (I Love My Home), and his transition into the internet sector in 2014, shaped iShangzu's operational strategy.

The company operated an online apartment rental platform, primarily targeting property owners and tenants in major Chinese cities. Its core business involved taking properties under management from landlords, which it would then renovate, furnish, and lease out to individual tenants. This B2C model meant iShangzu controlled the entire process, from property management and standardized interior design to leasing and maintenance, ensuring a consistent quality of living for its clients. The service portfolio included various apartment products like 'Suiyu' (entire-unit rentals), 'Ouyu' (co-living shared apartments), and 'Jiyu' (themed studio apartments for singles), all equipped with amenities such as high-speed Wi-Fi and brand-name appliances. Additional services like professional maintenance and bi-weekly cleaning were also part of the package.

iShangzu's revenue was generated from the rental income collected from tenants. The company also collaborated with financial institutions like MYbank and Huarui Bank to offer tenants rental financing options, which allowed renters to pay monthly while the company received a lump-sum annual payment from the bank. This model facilitated faster capital turnover to fuel expansion. The company demonstrated rapid growth, securing a CNY 101 million Series A funding from Whale Capital in May 2016, followed by a CNY 300 million (USD 45 million) Series B round in September 2017 led by Kuka Group and Yuanzhi Fuhai Investment. By mid-2018, iShangzu managed over 80,000 rental units across Shanghai, Hangzhou, Suzhou, and Nanjing. However, facing intense market competition and the high capital demands of the asset-heavy rental industry, iShangzu was fully acquired by its competitor, Danke Apartment, in January 2019 for USD 200 million in a cash and debt deal, marking one of the largest acquisitions in the sector at the time.