updated - August 14, 2020 Friday EDT
Airbnb has announced in their blog that they will be expanding in China with the help of two strategic partners, China Broadband Capital, and Sequoia Capital China.
The two companies will help Airbnb navigate in the Chinese market and create a localized presence for the company.
Airbnb said in the blog that they see China providing their company with an incredible opportunity, with nearly 1.5 billion people living in the country.
"It's clear that this country is an important part of our global community," the company said.
Airbnb also said in the blog that outbound travels from Chinese guests using Airbnb have grown to 700 percent in just the past year alone.
This makes the Chinese market the company's fastest growing outbound market.
The New York Times added that Airbnb is joining a growing list of American Internet companies who have experimented with new models to enter the Chinese market.
The country has 600 million internet users, which makes it a very attractive target.
Airbnb said in the blog that they know they can't just start a business in China on their own, they have to be prudent about it.
"We want to clearly understand the needs and desires of Chinese travelers going overseas and partner with Chinese companies to create a truly localized platform for these travelers," the company said.
The company said in the blog that their two partners have proven track record in localizing technology for the Chinese market.
The two companies also helped Chinese internet companies grow and become "respected market leaders."
Airbnb said that Neil Shen, a founding and managing partner at Sequoia China, offers them a "deep experience in the Chinese internet and hospitality sector."
Shen founded Ctrip.com, a Chinese travel site.
Airbnb also said that Edward Tian, founder and chairman of China Broadband, is "an experienced entrepreneur."
Tian co-founded the first Internet technology provider in China, AisaInfo.
The company said in the blog that their first task in China is to recruit a CEO that will help build the company's team in China.
The CEO will help them build a local team.
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