According to CNBC, the company plans to shut down all of its listings in China by this summer, following years of difficulties and increasing competition from Chinese businesses.
There are houses in a community in China.
The Beijing office of the short-term vacation rental company will keep hundreds of workers despite removing listings for homes and activities in China, according to CNBC.
The company still plans to focus on booking stays in other countries for outbound travelers from China, despite the fact that they have accounted for just 1% of the company's revenue in recent years.
A request for comment was not immediately responded to.
During the first year of the Pandemic, hesitancy to travel was a problem for Airbnb. The New York Times reported last year that guests stayed longer as the number of listings dropped. The number of long-term Airbnb stays hitting an all-time high during the first quarter of 2022, more than doubling since the first quarter of 2019, the company said. The company says that international bookings have returned to pre-pandemic levels.
Many people found that the value of their homes increased over the same period, even though some people lost revenue on the platform. The median home sale price has increased by 37% over the last two years, according to the U.S. Census Bureau.
Sources say thatAirbnb is closing its domestic business in China.
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