Airbnb is shutting its domestic rentals and experiences in China with the increasing number of lockdowns that are hindering tourism.
The firm set up business in the nation in 2016.
Since then, about 25 million guests have booked stays through the online home rental company. In its bid to expand in the nation, it also renamed its Chinese operation to Aibiying.
Aibiying means to welcome each other with love. Additionally, the word is very easy to pronounce for Mandarin speakers.
All mainland Chinese listings, homes and experiences, will be taken down by this summer, but Airbnb will continue to maintain an office in the country to focus on outbound travel.
Airbnb to close domestic business in China as the home-sharing app struggles to compete with local operators.
However, the San Fransisco-based company will maintain its presence in its Beijing office. In the last few years, stays within China make up just one percent of the company’s revenue.
China’s tough Covid-19 restrictions worsened these issues and heightened their impact, the person added.
These challenges have also led other companies, including Alphabet, Yahoo, LinkedIn, and Meta, to shut their businesses in China.
Airbnb’s departure comes 14 years after the company began offering services in the country, leaving room for Chinese rivals Tujia and Xiaozhu to take over its business.