Mofang Living

Mofang Living Service Group, through its Mofang, Mo'er and Unit 9 apartment brands, runs centralized long-term rental apartments in major Chinese cities. Its customers are young urban professionals, white-collar workers and corporate staff. It makes money mainly from rent. It uses a leased-and-operated model and an asset-light managed or franchised model. It has been backed by Warburg Pincus, with about $710M raised through Series D per CB Insights (last round $150M in 2019). Net results were a loss of RMB 230.3M in 2020, a profit of RMB 301.9M in 2021 and a loss of RMB 246.6M in 2022, and it refiled for a Hong Kong IPO in 2023. It is a property and rental operator, not an AI company.