Nathan Blecharczyk, co-founder and chief strategy officer of Airbnb Inc., speaks during a news conference in Tokyo, Japan, on Thursday, June 6, 2019.
Akio Kon | Bloomberg | Getty Images
Airbnb is closing its domestic business in China, according to two sources familiar with the matter. The company is planning to tell employees in the country as early as Tuesday morning in Beijing.
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…
