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5/23, 8:05 PM (Source: TeleTrader)
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Airbnb to close China operations this summer - report

Airbnb Inc. is set to close its domestic business in China this summer after six years, including offers for homes and experiences, according to a report published by CNBC on Monday.

The decision, expected to be confirmed tomorrow by the company, came as Airbnb faced increased competition from domestic companies. However, the American company said it would continue maintaining its China office for outbound travel.

Chinese inbound travel accounted for only 1% of Airbnb's revenue over the past years, the report added.

Baha Breaking News (BBN) / ND