Home hire app Airbnb has struck partnerships to expand into China after seeing a boom in users from the world's second-largest economy, the company said on Tuesday.
The San Francisco-based company is teaming up with "strategic partners" China Broadband Capital (CBC) and Sequoia China to navigate the market.
One of the first tasks will be to help Airbnb recruit a CEO for China.
The announcement comes after the "sharing economy" start-up raised $1.5 billion earlier this year led by U.S. private equity firm General Atlantic and included Hillhouse Capital and Tiger Global Management. With a valuation of $25.5 billion, the company is one of the most valuable private technology companies around.