Airbnb is pinning its hopes on China’s booming $120bn tourism industry as the Silicon Valley accommodation-rental service aims to become profitable for the first time this year.
Nathan Blecharczyk, the company’s co-founder and chief technology officer, told the Financial Times that Airbnb was focusing on China after demand in the country for its services rose eightfold last year.
Airbnb recently secured funds from Beijing-based Hillhouse Capital as part of a global $1.5bn capital-raising round, which was one of the biggest for a private technology company. It has also partnered with Chinese venture capital groups as part of a push to market its services to Chinese tourists.
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