Video above: How to protect yourself from COVID-19 while travelingAirbnb will close listings in China after two years of lockdown in the country “with no end in sight”, according to a source familiar with the matter. made the decision in the face of declining business in the world’s second-largest economy and “expensive and complex” operating constraints compounded by the impact of COVID-19, the person told CNN on Monday. Starting this summer, Airbnb will remove its listings and offers for hosted experiences in China. According to the source, Airbnb (ABNB) will not completely stop its operations in the country. The company will continue to have an office in Beijing with hundreds of employees who will focus on outbound travelers and global projects. Multinational companies are feeling a downturn in China as it continues to be one of the last places on Earth to pursue a “zero Covid” policy. Over the past few weeks, dozens of cities across mainland China have been on lockdown as authorities scramble to eradicate the coronavirus. The approach has severely damaged the economy and disrupted nearly every major industry, from big tech to consumer goods. International brands, from Apple to Estee Lauder, have warned of the financial impact of the restrictions. was a major opportunity for the company. This is because China is historically the world’s largest market for outbound tourism, accounting for the largest visitor spending in the world, according to the World Tourism Organization. But since the pandemic, China has seen a sharp drop in traffic, and has also been closed to most international travellers. 1% of company revenue in recent years, the person added.
Video above: How to protect yourself from COVID-19 while traveling
Airbnb will close its listings in China after two years of confinement in the country “with no end in sight”, according to a source familiar with the matter.
The home-sharing company made the decision in the face of declining business in the world’s second-largest economy and “expensive and complex” operating constraints compounded by the impact of COVID-19, the person told CNN on Monday. .
Starting this summer, Airbnb will remove its listings and hosted experience offerings in China.
According to the source, Airbnb (ABNB) will not completely stop its operations in the country. The company will continue to have an office in Beijing with hundreds of employees who will focus on outbound travelers and global projects.
Multinational companies are feeling a downturn in China as it continues to be one of the last places on Earth to pursue a “zero Covid” policy.
In recent weeks, dozens of cities across mainland China have been on lockdown as authorities scramble to eradicate the coronavirus.
The approach has severely shaken the economy and disrupted nearly every major industry, from Big Tech to consumer goods. International brands, from Apple to Estee Lauder, have warned of the financial impact of the restrictions.
Airbnb was launched in China in 2016. As with the rest of the industry, overseas travel by Chinese customers – primarily to other destinations in the Asia-Pacific region – has been a major opportunity for the company.
This is because China is historically the first biggest market for outbound tourism, which represents the largest expenditure by visitors worldwide, according to the World Tourism Organization.
But since the pandemic, China has seen a sharp drop in traffic and has also been closed to most international travellers.
The source said they expect outbound tourism from China to rebound once the country fully opens its borders.
Meanwhile, Airbnb’s domestic business, which has hosted some 25 million guests since 2016, accounted for just 1% of the company’s revenue in recent years, the person added.
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