Airbnb is closing its listings business in China
The home-sharing company made the decision over a decline in business in the world’s second largest economy, and “costly and complex” operation constraints worsened by the impact of Covid-19, the person told CNN on Monday.
Starting this summer, Airbnb will take down its listings and offers for hosted experiences in China.
In recent weeks, dozens of mainland Chinese cities have been locked down as authorities work to stamp out the coronavirus.
Airbnb launched in China in 2016. Like for the rest of the industry, outbound travel by Chinese customers — largely to other destinations around the Asia Pacific region — was a major opportunity for the company.
But since the pandemic, China has experienced a steep drop in traffic, and has also been shut off to most international travelers.
The source said that they expected outbound tourism from China to rebound once the country fully opened its borders.
Meanwhile, Airbnb’s domestic business, which has accommodated some 25 million guests since 2016, only accounted for 1% of the company’s revenue over the last few years, the person added.
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