Airbnb ends rentals in China to focus on outbound tourists
Airbnb ends rentals in China to focus on outbound tourists
The Airbnb app icon is seen on an iPad screen, on May 8, 2021. (Patrick Semansky / AP)
BEIJING -
Airbnb Inc. will stop listing homes and experiences inside China this summer and instead focus its business in the country on serving Chinese tourists looking for lodgings abroad, a company official said on social media Tuesday.
Airbnb began listings in China in 2016, but they have still accounted for only about 1% of company revenue in recent years.
The San Francisco-based company found the domestic Chinese business costly and complicated to run, and the pandemic has made matters worse.
There was little overlap between Airbnb's business inside China and catering to outbound travellers, which Airbnb hopes will limit the impact of suspending the domestic offerings.
Airbnb joins a series of foreign internet companies including Yahoo Inc. and eBay Inc. that pulled out of China after running into fierce local competition and regulatory barriers.
“We have made the difficult decision to refocus our efforts in China on outbound travel and suspend our homes and Experiences of Hosts in China, starting from July 30, 2022,” said the chief strategy officer of Airbnb China, Nathan Blecharczyk, in a statement on its social media account.
Landlords represented by Airbnb have had more than 25 million guest arrivals since 2016, according to Blecharczyk's statement.
The Chinese government has blocked foreign tourists from visiting since the pandemic hit in early 2020 and has told the Chinese public to avoid foreign travel that isn't essential for business or study.
International airlines and other travel companies that operate in China expect that borders will re-open and travel by Chinese citizens will pick up eventually, although the timing is unclear.
YOUR FINANCES
Almost half of Canadians are doing worse financially than the previous year: survey
As inflation rates soar to the highest they've been in Canada in nearly forty years, nearly half of Canadians say that right now, they're doing worse financially than they were at this time last year.
Here's how to save on your next grocery order, according to Canadian couponers
As Canada’s inflation soars, two ‘extreme couponers’ offer their advice on how to save at the grocery store.
4 things Canadians can do to save money on their groceries during inflation
With Statistics Canada reporting a 9.7 per cent increase in food costs over the last year, Canadians are being pushed to find ways to pinch pennies at the grocery stores. Here are some ways to save.
Is it time for a 'gas tax holiday' in Canada?
As fuel prices reach record highs and drive inflation, there have been growing calls for governments to temporarily suspend or reduce gas taxes. CTVNews.ca spoke with experts on whether a gas tax holiday makes sense in Canada.
Canada's inflation nears 40-year high as gas prices soar
Soaring gas prices helped the annual inflation rate in May soar to its highest level in nearly 40 years, as the rising cost of living for Canadians squeezed household budgets and bolstered expectations the Bank of Canada will opt for a supersized interest rate hike next month.
'Retirement crisis' is in the works amid inflation: survey
More Canadians are facing challenges to save for retirement security as inflation continues to soar and markets decline, a new survey has found.
Ontario student warns about losing debit card after $14,000 lands on RBC account
An Ontario student is warning people of the risk that comes with failing to report a lost debit card after $14,000 in fraudulent deposits landed in her RBC account.
OPINION
OPINION | How much money do you need to live as a digital nomad?
With the world opening up, there’s been a renewed interest in travelling and working in different countries as a digital nomad. So how much money do you need to make it work abroad? Contributor Christopher Liew breaks it down in an exclusive column for CTVNews.ca.