March 22, 2017
San Francisco-based Airbnb is increasing its investment in China, and plans to more than triple its workforce there. The $31-billion in valuation home-sharing startup also changed its Chinese brand name to “Aibiying,” which translates to “welcome each other with love.”
Airbnb counts more than 80,000 listings within China, and Chinese travelers have booked more than 5.3 million stays globally. The company sees room for significant expansion, as the sharing economy in China is projected to expand 40% annually for the next five years.
Airbnb believes its Trips and Experiences products will appeal to the affluent middle class, as well as millennial consumers. The company raised $1 billion in funding in early March 2017, but it will require diplomacy, discussion and collaboration to gain traction in a competitive market.
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