Airbnb plans to remove listings and experiences in China by midsummer, shuttering domestic business in the country, according to multiple reports.
The vacation rental company, which has operated in China since 2016, will remove around 150,000 listings in the country, a source told the New York Times.
AIRBNB SUSPENDS OPERATIONS IN RUSSIA AND BELARUS
The company based in San Francisco will instead focus on providing accommodations to Chinese looking to travel abroad, sources told CNBC.
Revenue from stays in China accounted for 1% of Airbnb’s total business in previous years, as reported by the outlet. Business in China has been slow to recover since 2020, as the country entered numerous lockdowns to fight COVID-19 infection rates, and competitors have emerged.
Despite the tourism business rebounding from the pandemic, Airbnb’s stock has fallen more than 30% in 2022.
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The company offers approximately 6 million listings around the world. In March, the company announced it was suspending operations in Russia and Belarus amid Russia’s invasion of Ukraine.
The Washington Examiner reached out to Airbnb for comment.
