Airbnb Is Betting That China Will Help It Turn a Profit
A Financial Times report points to a stat that Airbnb shared over the summer: Outbound travel from Chinese guests through Airbnb grew 700% over the course of a year, making it the fastest-growing market for that key metric. The company also recently secured funds from a Beijing-based firm as part of a $1.5 billion capital-raising round and has partnered with Chinese venture capital groups to push further into the market, the FT reports.
Why is China so important? Airbnb, citing the World Tourism Organization, says Chinese travelers took 109 million trips in 2014 and that Chinese travelers have been the world’s top spenders in international tourism since 2012.