Airbnb is closing it’s domestic listings in China due continuing aggressive Covid-19 measures, Chinese local Media, Caixin Global reported..
The company will take down all listings in Chinese mainland by this summer.
Airbnb, a San Francisco based company launched its operation in China in 2016. It has faced competition stiff from domestic companies.
Chinese mainland market contributes about 1% of the company’s revenue in the few years.
According to the report, Airbnb will not close its offices in the country, rather it will shift operations towards outbound travels from China.
The company’s share price has fallen 36% this year. it closed at $110.40 per share on Wednesday. Despite the fall, it’s still trading well above the 2020 IPO price of $68.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
