Xiaomi to Found Mi Apartment as Employee Dormitory for 700 Million Yuan

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(Source: Inside Retail Asia)

On Monday, according to Tianyancha App, Mi Apartment (Beijing) Commercial Operation Management Co., Ltd. was established with a registered capital of 700 million yuan ($108 million). The entity is wholly-owned by Xiaomi Communications Co., Ltd.

Wang Hua, head of Xiaomi’s public relations, responded, “It is an employee apartment, mainly to alleviate the pressure of our employees, especially fresh graduates, to rent a house at such high costs.”

As early as 2014, Shunwei Capital, established by Xiaomi’s founder Lei Jun, invested in an international youth apartment firm named YOU + in its Round B and C financing. However, the firm enjoyed only a small market share and then lost Xiaomi’s attention.

From 2015 to 2017, ten real estate enterprises, including Zhengrong, China Resources and Yincheng, became the first batch of companies to sign strategic cooperation with Xiaomi Smart Home.

Since Xiaomi’s smart home business is at the core of the company’s current efforts, the scale of Xiaomi’s Internet of Things (IoT) platform is growing rapidly. According to the performance report of the first quarter of 2021, as of March 31, 2021, the number of IoT devices (excluding smart phones and laptops) connected to the AIOT platform reached 351 million.

In June, according to the social media account of We Media’s Dong Mingzhu, more than 3,000 suites which were promised to Gree’s employees will be delivered soon. Tencent launched an upgraded version of its housing plan in April. Employees who want to buy their first house in their workplace or the district of social insurance can apply to the company for an interest-free loan of up to 900,000 yuan. By the end of last year, more than 10,000 Tencent employees had bought their first suite through the housing plan.

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