Xiaomi founder Lei Jun invests in huge housing project for young startups

Xiaomi founder Lei Jun is investing an RMB 100 million (US$16.3 million) series A round of funding into You+ International Youth Apartments. According to Techweb, the investment was completed in August.

You+, an apartment project aimed at entrepreneurs, was co-founded by Su Di, the founder of Beijing’s iconic Garage Cafe, a popular coworking space in the Zhongguancun tech and startup district of the city. Seeing that Chinese startups often cluster together in small areas, he wanted to create the housing project as a utopia for entrepreneurs.

The two eight-story complexes being renovated in Guangzhou are aimed at single people below the age of 45. Each contains 100 housing units. They will be set up to encourage a close-knit community atmosphere and strong communication among the residents.

Essentially, they are dormitories set up as startup living spaces. 20-square meter four-person bedrooms each have a bathroom but no kitchen, according to Netease Tech. Residents can cook in the cafeteria or communal kitchens. Each building has a gym, billiards room, bar, game room, and open areas for meetups.

Monthly rent will range from RMB 2,000 to 3,000 (US$320 to $480) for a room, or about RMB 800 (US$130) per person.

Su Di disclosed You+ plans to renovate 10 buildings north of Guangzhou by the end of the year and open them to tenants by February. Three of them will specifically be for entrepreneurs.

(Source: Techweb)