STORY: Airbnb is getting out of China.
It announced Tuesday it will shut down all listings and experiences there from July 30, joining a long list of Western internet platforms that have opted out of the Chinese market.
The U.S.-based vacation rental company made the announcement on its official WeChat account without elaborating on the reasons behind the decision, adding that Chinese users would still be allowed to book listings and experiences abroad.
The Global Times newspaper, citing a source close to the company, said Airbnb had decided to shut the domestic business because it was too costly and complex to operate, which had been further exacerbated by stringent health restrictions.
Airbnb did not respond to a request for comment.
Airbnb joins a long line of Western internet companies, such as Linkedin and Yahoo, that have retreated from China in recent months in a sign of an internet decoupling of the world’s second-largest economy from much of the rest of the world.
Almost all major Western internet platforms, including Google and Facebook, have ceased to provide services to end users in mainland China, citing reasons ranging from censorship to operational difficulties.
Shares of Airbnb fell on Tuesday, losing as much 7.5% in morning trading.