Airbnb woos China, changes name to Aibiying

SHANGHAI: Airbnb Inc some love.

The US home-sharing giant is adopting the name “Aibiying” in China, one that translates as “welcome each other with love,” as it doubles investment in the country and triples its local workforce to serve the world’s largest population of travellers.

The startup intends to ramp up its Chinese business after more than doubling listings in the country to about 80,000 in 2016, Chief executive officer Brian Chesky said. This year, it plans to offer customers in Shanghai its fledgling Airbnb Trips service – a menu of options that can include concert tickets and restaurant reservations.

It’ll begin to market “Experiences,” a feature that from yesterday will let visitors to the eastern Chinese city book local-led excursions – including going behind the scenes of a traditional folk opera and learning about dough figurines.

“There’s a whole new generation of Chinese travellers 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 neighbourhoods across the world.”

Airbnb, last valued at more than US$30bil, is accelerating its drive into Asia after recently turning profitable for the first time, according to people close to the company. Since its start in 2008, the company has raised more than US$3bil to pursue its goal of becoming a full-service travel company and expand its business around the world.

While Airbnb’s established in Asian markets such as Japan, it’s made slower gains in China. The country is dominated by local rivals almost two years after Chesky told Bloomberg News he was “getting really serious” about getting in. Still, it’s a market of 300 million millennials starting to explore solo is showing China travel that co-founder described as “on fire.”

Yesterday, Chesky said Airbnb’s Chinese guests jumped 146% in 2016.

“They don’t want tour buses. They don’t want tour packages. They don’t want tourist areas. Instead they want local experiences,” Gebbia said in an interview last week.

“It couldn’t be more exciting to think about this wave of Chinese millennials that are starting to earn incomes now.”

Airbnb has taken its time building relationships Joe Gebbia has total with Chinese movers and shakers – it still hasn’t named a local CEO. A 2014 partnership with Alibaba Group Holding Ltd made it easy for Chinese users to pay for Airbnb rentals with Alipay, the local equivalent of PayPal.

A tie-up with Tencent Holdings Ltd got Airbnb built into WeChat, by far China’s dominant messaging app. Last year, Airbnb teamed up with the governments of four major cities, including Shanghai and tech hub Shenzhen, for tourism promotions. – Bloomberg