Airbnb will shut domestic business in China from July 30

Vacation rental firm Airbnb Inc (ABNB.O) said on Tuesday 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.

Stays within China made up only 1% of Airbnb's revenue over the last few years.

The company is expected to instead focus on Chinese residents travelling abroad to other destinations.

Before the pandemic, Chinese travellers heading abroad had tripled in less than a decade, reaching 155 million journeys in 2019, according to the United Nations World Tourism Organisation.

But since 2020, China has had some of the toughest Covid restrictions in the world, making travel into and around the country extremely difficult.

Airbnb set up its business in China in 2016. Since then, some 25 million guests have booked stays there through the online home rental company.