Airbnb pulling out of China

Airbnb is closing its China business over the country’s sluggish recovery due to the strict zero-Covid policy.

It is shutting down the domestic homesharing and tours business in China this summer. Instead it will focus only on the outbound travel segment. Airbnb launched in China in 2016.

“The domestic segment is costly and complex to operate, and Covid-19 worsened these issues and heightened their impact,” a company said.