Airbnb, a global online rental service, will curtail its bookings within China this summer. The Chinese office of the company will focus on serving outbound tourism in the country.
This is reported by CNBC, citing sources.
The company plans to inform employees in the country as early as Tuesday morning in Beijing, the two sources said.
It is noted that the company will reorient its office in China to serve only outbound trips.
“Airbnb officially launched its business in mainland China in 2016 and has faced increasing competition from local players. Sources say this segment was expensive and difficult to operate. The pandemic has exacerbated these problems and increased their impact.
Work in the local market in recent years has brought the company no more than 1% of the total income,” the article says.
The interlocutors of the publication said that services for Chinese travelers traveling abroad gave the service more opportunities to earn money and the company will focus on serving outbound tourism.
One of the sources added that the company will keep an office with hundreds of employees in Beijing.