SHANGHAI: Vacation rental firm Airbnb Inc said on Tuesday (May 24) it will shut down all listings and experiences in China from July 30.
The company made the announcement in a letter posted to its official WeChat account addressed to its Chinese users. It said, however, that Chinese users will still be allowed to book listings and experiences abroad.
Airbnb launched its business in China six years ago and has booked stays at homes there for about 25 million guests. Bookings at residences in China have accounted for only 1 per cent of Airbnb bookings in recent years, the company has reported.
Airbnb faced strong competition in China, and COVID-19 made its operations there more complicated and expensive.
China has persisted with its zero-COVID policy, imposing hard lockdowns and movement restrictions on several cities, even as much of the rest of the world has transitioned to living with the coronavirus.
The curbs, including stay-at-home orders in the economic hub of Shanghai and creeping restrictions across Beijing, have inflicted a heavy economic toll.