Chinese apartment rental start-ups owned by Phoenix Tree Holdings and Q&K International (Qingke) are preparing IPOs. The two companies have raised $US1 billion ($A1.27 billion) in funding from investors including the Australian government through its National Innovation Fund (NIF). Beijing-based Phoenix Tree recorded a net loss of $352 million in the first nine months of 2019 while generating $699 in revenue. Both companies also have mounting losses and their financials suggest they will run out of cash in less than a year.
Chinese apartment rental start-ups owned by Phoenix Tree Holdings and Q&K International (Qingke) are preparing IPOs. The two companies have raised $US1 billion ($A1.27 billion) in funding from investors including the Australian government through its National Innovation Fund (NIF). Both companies also have mounting losses and their financials suggest they will run out of cash in less than a year.