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• Airbnb will remove around 150,000 listings in China out of six million it had worldwide
• The decision to exit China was due to cost and complexity needed to operate there
Airbnb Inc (NASDAQ: ABNB) on Tuesday formally announced that the vacation rental company would start shutting down all services and listings in mainland China from July 30, joining a long list of Western internet companies that have opted out of the Chinese market.
“We have made the difficult decision to refocus our efforts in China on outbound travel and suspend our homes and Experiences of Hosts in China, starting from July 30, 2022,” Airbnb co-founder Nathan Blecharczyk wrote on the company’s official WeChat account without explaining the reasons behind the decision.
The news was first reported by CNBC on Monday, citing two sources familiar with the matter.
The report said the online homestay rental company decided to pull out its business from China because it was too costly and complex to operate, which had been further worsened by the COVID-19 pandemic.
The renewed coronavirus outbreak and China’s “zero-COVID” policy have led to business disruptions across the country, with several cities locked down, including the major economic hub of Shanghai.
The New York Times reported that Airbnb would remove around 150,000 listings in China out of six million it had worldwide. The reports said that stays in China have accounted for roughly 1% of Airbnb’s business in recent years.
The San Francisco-based company will focus on providing listings for Chinese travelers going abroad.
Picture Credit: Forbes
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