Home rental platform Airbnb will stop offering rental properties in China and will from now on focus on Chinese tourists who want to rent a home elsewhere in the world. That is what sources at the American company say to business channel CNBC.
According to the insiders, the Chinese offer will expire this summer. Airbnb has been active in offering rental properties in China since 2016, but the company is having a hard time there due to the corona pandemic.
In addition, the company has to contend with increasing competition in China. Incidentally, rentals in China only account for about 1 percent of Airbnb’s revenue.
The San Francisco company will retain an office in Beijing with hundreds of employees to help Chinese travelers looking to rent a home elsewhere in the world, CNBC said.
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