Another foreign internet firm has vacated China. The $68 billion Airbnb said on Tuesday that it will shut all rental listings and tours in the People’s Republic by end-July, following similar retreats from Indian rival Oyo and compatriots like Microsoft’s LinkedIn. Pandemic challenges are one reason, but the vacation rental group has been struggling in the country for years.
. Domestic travel has fallen precipitously: during the five-day Labour Day holiday in early May, tourism revenue shrank 43% from a year earlier, official data showed.
The financial hit to Airbnb, which will keep an office in China to focus on tourists going abroad, will be minimal. Since its 2016 entry into the country, the company has failed to keep up with local rivals like Tujia. Revenue from stays in China accounted for just 1% of the total top line inRegister now for FREE unlimited access to Reuters.com
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