And provide the entire trip where

Q11 (Contd.)

But the American firm is late to the party, and local rivals are by now established. The strongest is Tujia, a venture-backed firm that is valued at more than $1bn and offers some 440,000 homes in over 300 cities. Unlike Airbnb’s model, which connects homeowners with travelers, Tujia’s also helps developers let out vacant properties—taking advantage of China’s property glut—and also offers services to potential buyers of homes.

Other foreign tech firms have stumbled in China in the recent past. “The past decade has shown that it’s very hard for American companies to use their own approach to do business in China,” says Chen Chi, Xiaozhu’s chief executive officer. He previously worked at the local divisions of Yahoo and TripAdvisor, two American internet firms which struggled to localize. This year Uber, a ride-hailing firm, had to retreat after spending a fortune trying to compete against Didi Chuxing, a well-funded and inventive local rival.

Q11 (Contd.)