Airbnb Is Closing Its Domestic Business In China

According to CNBC, Airbnb is closing its domestic business in China. From the report: All mainland Chinese listings -- homes and experiences -- will be taken down by this summer. Airbnb formally launched its mainland China business in 2016 and has faced mounting competition from domestic players. Sources say that the segment was already costly and complex to operate. The pandemic worsened these issues and heightened their impact.

Despite in-country branding and putting Airbnb cofounder, Nathan Blecharczyk, at the head of efforts, stays in China on the platform have accounted for approximately 1% of revenue for the last few years. Sources say Chinese outbound travel has been a bigger opportunity for Airbnb and the company will refocus on providing listings for Chinese travelers going abroad. One source says the overlap between Airbnb's outbound and domestic businesses was not strong. Airbnb will maintain an office in Beijing with hundreds of employees, according to one source.

Read more of this story at Slashdot.