Shanghai-based Mofang Apartment, a rental apartment company, has closed a $150 million Series D round.

The round was led by Caisse de dépôt et placement du Québe (CDPQ), a Canadian institutional fund management firm.

Mofang Apartment intends to use the new funds to extend its market presence, advance the company’s operational capabilities, information technology system and membership system.

Additionally, the company will also use the new capital to pursue mergers and acquisitions opportunities and extend its footprint in the franchise business.