Airbnb to quit China

Airbnb is ceasing domestic rentals in China, where a "zero-Covid" policy has resulted in ongoing lockdowns. According to a source familiar with the situation, all listings for homes and experiences in the country will be removed from the company's website by the summer. Over the last few years, stays in China accounted for only 1% of Airbnb's revenue.

Instead, the company is expected to concentrate on Chinese residents travelling abroad to other destinations. According to the United Nations World Tourism Organization, prior to the pandemic, Chinese tourists travelling abroad had tripled in less than a decade, reaching 155 million journeys in 2019.

However, since 2020, China has had some of the world's strictest Covid restrictions, making travel into and around the country extremely difficult. Airbnb established its presence in China in 2016. Since then, approximately 25 million guests have reserved stays through the online home rental company.

However, a source familiar with the company's decision stated that the domestic rental operation for visitors to China was complicated and expensive to run even before the pandemic. For example, in accordance with local laws and regulations, the company sent guest information to the Chinese government, and the company has faced stiff competition from native Chinese home-rental platforms.