Airbnb Inc revealed that it was partnering with investment firms China Broadband Capital and Sequoia China to expand into the Chinese market and find a chief executive for its operations in the country.
The company, which was recently reported to have completed a $1.5 billion private funding round, said in a blog post it was also working with a larger group of investors, including Horizon Ventures, GGV Capital and China-based Hillhouse Capital. Airbnb, which matches people wishing to rent out all or part of their homes to temporary guests, has grown quickly and is valued at more than $20 billion.