Chinese Airbnb rival Tujia raises $300 million

Vincent Yu / AP

Chinese vacation rental service Tujia has raised $300 million in new funding led by Ctrip and All-Stars Investment, valuing the company at $1.5 billion.

Why it matters: Airbnb has been doubling its China investment and quadrupling its engineering team, but the country had proven nearly impossible for U.S. consumer tech companies to crack, especially when facing local rivals like Truja (e.g., Uber and Didi Chuxing).