Airbnb Inc. is targeting on China, the world’s second largest economy.
The U.S. home-sharing giant on Wednesday announced to change its Chinese brand name to “Aibiying”, which has a translation of “welcome each other with love.” The company also launch Trips platform to better serve visitors’ traveling experiences.
The company said that More than 80 percent of Airbnb’s users in China are under 35, a higher proportion than any other country.
“There’s a whole new generation of Chinese travelers who want to see the world in a different way,” Chesky told a news briefing in Shanghai. “We hope that Aibiying and our Trips product inspires them to want to travel in a way that opens doors to new people, communities and neighborhoods across the world.”
Airbnb, which has a valuation of more than $30 billion, has been expanding its business in Asia. But the progress in China is slow. Chief Executive Officer Brian Chesky said the company had about 80,000 listings in China, but it is still much less than more than 400,000 listings of the leading Chinese home-sharing site, Tujia.
Many U.S. tech companies had fail to enter the Chinese market, including Uber, Google and Facebook. Uber had lost nearly $1 billion per year in China and finally agreed to sell its Chinese operation to local rivals. To better compete with local rivals and adopt local culture, Airbnb has partnered with Alibaba Group Holding Ltd. to make payment easier by using Alipay. The company also coordinated with Tencent Holdings Ltd to got Airbnb built into social app Wechat.