Airbnb to shut down local China operations, sources said.
Airbnb will shut down its mainland China operations, citing sources familiar with the matter, with plans to pull its local listings and experience offerings this summer, CNBC said.Airbnb will tell its Beijing staff as early as Tuesday.
However, Airbnb will retain its Beijing office and hundreds of employees, primarily to serve Chinese travelers in other parts of the country.
Airbnb officially began operating in mainland China in 2016, but has long faced stiff competition. Despite the company's investment and the presence of co-founder Nathan Blecharczyk in China, local revenue is only 1 percent of the total.