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No vacancies: Airbnb wakes up to close business in China amid intense competition

Airbnb, an ardent supporter of communist China and a sponsor of the Genocide Games, is reportedly about to close its business in China, according to multiple sources. The waking Silicon Valley giant is already facing stiff competition from local companies and its job is reportedly getting tougher during the coronavirus pandemic.

CNBC reported that online accommodation company Airbnb plans to close its local business in China as early as this week, according to two sources. It has been reported that all listings in mainland China will be closed in the summer.

(Photo by LIONEL BONAVENTURA/AFP via Getty Images)

The company started operations in mainland China in 2016 and has since faced intense competition from local competitors. Sources said the market segment is expensive and difficult to operate, but the pandemic has exacerbated the problems significantly.

Airbnb co-founder Nathan Blecharczyk has spearheaded efforts to promote business in China, but despite this pressure, bookings in China on the platform only account for one percent of revenue compared to last year.

Relocating from China has been a better opportunity for Airbnb, and the company plans to shift its focus to providing listings for Chinese overseas travelers, sources said. According to one source, the overlap between Airbnb’s external and internal businesses is not strong. Another source said Airbnb still plans to keep the office in Beijing, which will take hundreds of people.

Airbnb shares are down more than 30% this year due to wider sales in tech stocks. However, Airbnb shares are still trading above the 2020 IPO price of $68.

Breitbart News previously reported on Airbnb’s efforts to gain allegiance to China, including renting more than a dozen homes in China’s Xinjiang region, where many Uighur Muslims have been evacuated from their homes to concentration camps and sold to both Chinese companies and foreigners in China. as slaves. . The company is also the main sponsor of the Genocide Games.

In 2019, Airbnb’s former head of trust, Sean Joyce, resigned over concerns about the company sharing user data in China. Joyce said the company shared the data with the Chinese government without the user’s consent.

Read more about CNBC here.

Source: Breitbart

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