Airbnb Expands Into China With Venture Capital Partners

Home-renting company Airbnb said Tuesday that it will expand the platform to China with the help of strategic partners China Broadband Capital and Sequoia China. On its blog, Airbnb said Chinese travelers made up its fastest growing outbound market, with growth at 700%. China has been a tough market for tech companies to break into, which is why Airbnb said it is bringing on local partners to help "localize technology." "As we move into our next phase of expansion in China, we know we will need deep local knowledge and expertise to keep this momentum going," Airbnb Chief Executive Brian Chesky wrote on the blog.