Airbnb will close its domestic business in China this year, removing all listings by the summer and retreating after a years-long push to crack the difficult market.
A source familiar with the company’s plans confirmed Airbnb would continue to run a large office in Beijing, but that it would now deal exclusively with outbound travel — the lucrative business of facilitating trips overseas.
Chinese tourists spend vastly more money on international travel than from any other country, according to statistics from the UN’s World Tourism Organization, which said its tourists accounted for $255bn in 2019, compared to $135bn for those from the US.
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