Airbnb Expands to China, Targets Local Traveling Market
Airbnb continues its global onslaught on the hotel industry, announcing its plans to expand into the exploding market of Chinese travelers. The online home rental marketplace will partner with Sequoia China and China Broadband Capital—the same firms that helped LinkedIn set up shop in China—to set up a "localized presence" in the Chinese market. Airbnb comes armed with a $1.5B war chest as it shops for a chief executive to lead its China operations. The Chinese reign as the world's top spenders when it comes to international tourism, increasing trips by 11% from last year. The number of traveling Chinese booking through Airbnb grew by 700% during this period. The plans come on the heels of fellow market disruptor Uber's $1B plans to widen its foothold in China. [Bloomberg]
