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airbnb takes on china, betting big on tough market

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airbnb takes on china, betting big on tough market

san francisco — newly profitable and with a fresh $1 billion in cash under its belt, home-sharing startup airbnb is setting its sights on one of tech’s most tempting and elusive prizes: the chinese market.undeterred by uber’s recent failure in the world’s most populous nation, airbnb on tuesday night said it will double its investment in china this year and more than triple its workforce there. the san francisco-based company is launching these efforts under the new chinese brand name “aibiying,” which translates to “welcome each other with love.”“there’s a whole new generation of chinese travelers who want to see the world in a different way,” ceo and co-founder brian chesky wrote in a statement. “we hope that aibiying and our trips product strikes a chord with them and inspires them to want to travel in a way that opens doors to new people, communities and neighborhoods across the world. i’m really excited about our future here.”the expansion comes as airbnb, worth an estimated $31 billion, is considered a strong candidate for an initial public offering. unlike uber and newly public snap,  airbnb has actually turned a profit. but the company has said it has no plans to go public anytime soon and raised $1 billion in funding earlier this month.airbnb already has more than 80,000 listings within china and has booked more than 5.3 million stays for chinese travelers around the world — and there’s room for growth. china’s sharing economy i...