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GGV, Morningside back China real estate site Aiwujiwu

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GGV Capital and Morningside Technologies have led a $120 million Series D round for Aiwujiwu, a Chinese rental and second-home listings portal. Existing investors Shunwei Capital Partners and Banyan Capital also participated.

The latest round values the start-up at $1 billion, the company told local media. It brings the total raised by Aiwujiwu to more than $200 million since the company's inception in March of last year.

The site, iwjw.com, allows home-seekers to find places to rent or buy in top-tier cities, including Beijing, Shanghai, Shenzhen and Guangzhou. Many of its listings feature videos. Users can book visits with agents through the mobile app. The platform charges a 1% commission for home sales, but its rental services are free.

Aiwujiwu, which has grown to 6,000 employees, conducts background checks on all projects before they go online.

There have been a number of related investments in China's online property listings market. In March 58.com, a VC-backed classifieds website along the lines of Craigslist, acquired Anjuke, an online real estate listing platform, for about $267 million.

Last year Vision Knight Capital led a $80 million Series B round for Fangdd.com, a real estate portal, with participation from Lightspeed China Partners and CDH Venture.

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