Fresh from $1 billion investment, Airbnb reveals major growth plans for China

BUSINESS

Up to date from $1 billion funding, Airbnb reveals foremost progress plans for China

Tags: Airbnb, China

In July, Airbnb offered employees an opportunity sell a percentage of their stock.

Above: In July, Airbnb offered employees an opportunity promote a proportion of their stock.

Image Credit score rating: Airbnb

(Reuters) — Airbnb, the web marketplace for short-term lodging, is rising its enterprise in China, hoping to spur progress on the earth’s most populous nation and a critical vacationer trip spot.

Up to date off a $1 billion fundraising spherical, Airbnb launched plans on Tuesday to broaden its corporations in China and enhance its employees there. Airbnb said it would higher than triple its native workforce this yr and double its funding inside the space. The company did not current explicit numbers.

The company has an engineering center in Beijing and about 60 employees inside the nation.

Airbnb will also be bringing its latest product, Journeys, which was unveiled in November, to China. Journeys is Airbnb’s effort to broaden previous residence and condominium leases and supply vacationers experiences that expose them to native music, paintings, meals and traditions. Journeys decisions in Shanghai embrace learning about 4,000-year-old Chinese language language folks paintings and attending a typical opera.

San Francisco-based Airbnb connects hosts, who want to rent their properties or a room of their properties or flats, with short-term renters who might hold a night or a few weeks. The company has been locked in a worldwide battle with regulators who say the service takes cheap housing off the market and drives up rental prices.

Airbnb has higher than three million properties listed on its site in 191 worldwide areas.

The service has develop to be well-liked in China, the place there are roughly 80,000 Airbnb listings which have housed virtually 1.6 million vacationers, the company said.

Airbnb’s newest tranche of $448 million in funding, which rounded out a $1 billion financing this month, provides new sources for the company to broaden its worldwide footprint. Airbnb executives knowledgeable Reuters this month they anticipated the number of guests using the home rental service in Africa to double this yr to 1.5 million.

(Reporting by Heather Somerville; Enhancing by Peter Cooney)