(MENAFN) Nathan Blecharczyk, Airbnb co-founder and China chair, informed the company's Chinese users that due to "pandemic challenges," the company would close its local travel and experience listings by the end of July.
The co-founder made the announcement in a public letter published to the Airbnb's WeChat account, where he clearly stated that the company's Beijing office would remain open.
Moreover, despite the company's ongoing attempt to remain financially beneficial in the country, it was unable to compete with local tycoons such as Tujia and Xiaozhu. As per a 2021 University of Queensland report, Airbnb had approximately 150,000 properties listed in China by 2020, while Tujia had close to 1 million.
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