ABNB

Airbnb, Inc.

93.93
USD
-3.69%
93.93
USD
-3.69%
92.05 212.58
52 weeks
52 weeks

Mkt Cap 32.58B

Shares Out 346.82M

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Zero-Covid China gives Airbnb excuse to check out

(The author is a Reuters Breakingviews columnist. The opinions expressed are their own.) LONDON (Reuters Breakingviews) - Another foreign internet firm has vacated China. The $68 billion Airbnb said on Tuesday that it will shut all rental listings and tours in the People’s Republic by end-July, following similar retreats from Indian rival Oyo and compatriots like Microsoft’s LinkedIn. Pandemic challenges are one reason, but the vacation rental group has been struggling in the country for years. China’s harsh Covid-19 control was probably the last straw. Omicron-hit Shanghai is only slowly letting its 26 million residents resume normal life after two months of draconian lockdowns; Beijing, on the other hand, is quickly barricading itself. Domestic travel has fallen precipitously: during the five-day Labour Day holiday in early May, tourism revenue shrank 43% from a year earlier, official data showed. The financial hit to Airbnb, which will keep an office in China to focus on tourists going abroad, will be minimal. Since its 2016 entry into the country, the company has failed to keep up with local rivals like Tujia. Revenue from stays in China accounted for just 1% of the total top line in recent years. As travel in other markets pick up again, Airbnb’s late China checkout looks welcome. (By Yawen Chen) Capital Calls - More concise insights on global finance: Luckin delivers short-term jolt to investors Didi stock becomes an option on China tech Richemont’s caution on China is a wake-up call UK tech bid frenzy will be over before it starts Stablecoin safety measures fail to fully convince (Editing by Robyn Mak and Katrina Hamlin) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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