The Beijing-based startup home-sharing site Xiaozhu, founded in 2012, has received $120million in funding, bringing the total raised to date of about $265 million and offering the company’s valuation at more than $1billion.

Unlike local rival Tujia.com, which focuses on professionally managed properties, Xiaozhu is a peer-to-peer short-term rental model more like Airbnb. The marketplace is described as not yet profitable, but is forecast to turn a profit next year.

Read more: