Airbnb is shutting down its domestic business in China amid ongoing lockdowns

Airbnb Inc. is planning to shut down its domestic business in China after strict COVID-19 lockdowns amplified pain from rising local competition, according to people familiar with its decision.

Bookings of stays and experiences in China typically account for about 1% of Airbnb’s total revenue, the people said.

The Home Sharing Society is a minor competitor in China’s travel industry. As of April, the company had more than 500,000 active properties from its more than 6 million active global listings, according to market research firm AirDNA.

So-called super apps like Meituan, which deliver food and offer other services like travel, dominate the market and can attract new customers without spending as much as Airbnb ABNB,
+0.65%.
That makes it hard for them to compete with them, said people familiar with Airbnb’s decision.

Hard and on COVID-19 lockdowns exacerbated Airbnb’s problems. It got more expensive to run a travel company in China, people said, and the company decided it wasn’t worth the payout. CNBC previously reported on Airbnb’s plans to leave China.

An expanded version of this report appears on WSJ.com.

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https://www.marketwatch.com/story/airbnb-to-close-domestic-business-in-china-amid-continuing-lockdowns-11653352137?rss=1&siteid=rss Airbnb is shutting down its domestic business in China amid ongoing lockdowns

Brian Lowry

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