Investors are pouring new money into China's second-hand car market. In the latest deal, private equity giant TPG, Chinese multi-family office Jeneration Capital and newly established value investment firm China Vision Capital have co-led a US$500 million new funding round in Uxin Group, a used-car e-commerce service provider.
Existing and new investors Warburg Pincus, Tiger Global Management, Hillhouse Capital, KKR & Co. L.P. and Huasheng Capital also participated in the round, which brings Uxin's total fundraising to around US$1 billion.
Mainland China became the world’s largest new-car market in 2009 as lower taxes and rising incomes made car ownership affordable to average citizens. A decade on, industry watchers now expect sales of used cars to explode. The China Automobile Deals Association has estimated that by 2020, t...
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