Editor's note: "Tech Please!" takes a sideways look at all things science and technology in China, revealing trends you won't hear about anywhere else – from cutting-edge developments to the bizarre and whimsical in the world's most exciting tech market.
Airbnb is moving out of China.
Starting July 30, the U.S. online rental marketplace will shut down all its listings and experiences on the Chinese mainland but will keep operating its outbound travel business.
The company said the decision was made "in the face of the challenges of the pandemic." However, during the same period, Airbnb's local competitors have grown fast.
So, is the reason behind the move that simple? And after seven years of effort, why do Airbnb's bookings in China only account for about 1 percent of its overall revenue?