Chinese accommodation sharing site TuJia Online Information and Technology Company of Limited Liability (Tujia) has raised $300 million Series D in around led by All-Stars Investment that included The Ascot Ltd.

According to reports, the new round was on a valuation over $1 billion, giving Tujia unicorn status for the first time.

Founded in 2011 and often referred to as China’s Airbnb, Inc., Tujia offers an online platform for discovering vacation rentals in tourist destinations.

The company adds that it depends on international decentralized hotel management and business criteria, and that it integrates offline real estate stock in tourist destinations, customer care center services, and online booking transaction system of vacation apartment rentals, providing travelers with a premium holiday experience, as well as offering flexible value-added services for idle assets.

The short version is that it’s basically Airbnb, but offers add on services such as property management and cleaning to those who list their properties with the site.

Numbers for Tujia are impressive, with the site currently offering over 300,00 properties for rent, with the figure expected to grow to between 400,000 to 500,000 properties by the end of the calendar year.

The company primarily targets properties in China and key markets in Asia that are popular with Chinese tourists, such as Thailand, Indonesia, South Korea, Taiwan and Hong Kong, but there is no geographic limitation on where properties available can be located, and the site does offer a limited list of properties in cities such as Los Angeles and Paris.

“We are speeding up our expansion to meet the demands of Chinese tourists,” Tujia Co-Founder and Chief Technology Officer Melissa Yang told Bloomberg Business. “Southeast Asia is a destination favored by Chinese tourists and so that’s an area of focus for us.”

Airbnb competitor

Those who aren’t in the tourist business, or don’t travel, particularly to Asia, would have no idea how exceptionally quickly the outbound Chinese tourism industry is growing, with millions upon millions of Chinese mainlanders traveling abroad each year for the first time, as China’s economy matures from its low-cost manufacturing base into a more developed, middle class focused state of play.

Tujia probably has, long term, better market prospects than Airbnb actually does, just through the sheer volume of consumers it can tap into out of its home country; that said, the number is always finite and as we’ve seen with other Chinese companies, Xiaomi, Inc. comes to mind (and both share the same investor,) they do tend to expand with time into new markets outside of China, and with a diverse, Asian-focused portfolio of properties available for rent, Tujia would be well placed to do so so.

Including the new round Tujia has raised $455 million to-date. Previous investors include CBC Capital, CDH Investments, Lightspeed China Partners, QiMing Venture Partners, and HomeAway.