The home-sharing company made the decision over a decline in business in the world’s second largest economy, and “costly and complex” operation constraints worsened by the impact of Covid-19, the person told CNN on Monday.
Starting this summer, Airbnb will take down its listings and offers for hosted experiences in China.
According to the source, Airbnb (ABNB) won’t halt its operations in the country entirely. The company will continue to have an office in Beijing with hundreds of employees who will focus on outbound travelers and global projects.
In recent weeks, dozens of mainland Chinese cities have been locked down as authorities work to stamp out the coronavirus.
The approach has badly dented the economy and disrupted almost every major line of business, from Big Tech to consumer goods. International brands, from Apple (AAPL) to Estee Lauder (EL), have warned of the financial impact of the restrictions.
Airbnb launched in China in…