Connect with us

World

Airbnb hosts to earn more than 2 million in Gangwon

Published

on

With the Winter Olympics underway in South Korea, residents in the country’s Gangwon province are set to earn more than $2 million from renting out their homes to visitors, according to Airbnb.

Gangwon is set to house more than 9,000 travelers in Airbnb-listed homes during the games, the short-term rentals company said at a press conference in Seoul last week. There were about 4,000 Airbnb listings in the province, the company added.

On average, people booked accommodation for three nights and paid about $170 a night, the firm said. The costliest listing on Airbnb’s website, as of Feb.14, was more than $400 for a one-night stay in Gangwon province.

The median income for residents from renting out their homes during the games was predicted to be about $260, according to the firm. In total, hosts in Gangwon were set to earn about $2.1 million, Airbnb said.

The Winter Olympics end on Feb. 25, and most of the events are held in Pyeongchang, a county within the Gangwon province.

Airbnb said many of the travelers were arriving from other parts of South Korea, the United States, China, Canada and Japan.

During major sporting events, accommodation is usually a scarce commodity. Because of the excessive, temporary influx of visitors to host cities, hotels are able to charge a higher rate than usual. But the prevalence of vacation rental sites like Airbnb has widened the selection of accommodation options available to visitors.

Still, last year, reports said that the South Korean government cracked down on hotels attempting to charge travelers excessively.

Hotel-booking website Booking.com showed that as of Feb. 14, hotels in Gangwon province were charging from anywhere between $30 to more than $700 a night.

In recent years, Airbnb hosts have collectively made millions of dollars by renting out their homes to visitors during special events.

For example, during the recent Super Bowlweek, Airbnb said hosts in Minneapolis and Saint Paul earned about $3.7 million thanks to about 7,000 visitors.

Similarly, users in the Washington D.C.-area made nearly $6 million from renting out their homes to people who arrived to watch President Donald Trump’s inauguration last year, the firm said.

During the Summer Olympics in 2016, Airbnb hosts in Rio de Janeiro, Brazil, made more than $30 million in additional income from about 85,000 visitors, who paid on average $165 a night.

Source link

World

Disney postpones ‘Black Widow,’ Marvel slate

Published

on

Continue Reading

World

Will Smith, Kevin Hart fund pandemic-proof virtual events start-up Run The World

Published

on

Continue Reading

World

Not all of China is recovering from coronavirus hit at the same rate, survey finds

Published

on

In this picture taken on September 22, 2020, people commute on shared bicycles along a street during the evening rush hour in Beijing.

Nicolas Asfouri | AFP | Getty Images

BEIJING — The economic recovery in China from the shock of the coronavirus is only happening in part of the country, according to an independent survey by the China Beige Book released Thursday.

The world’s second-largest economy was the first country to get hit by the coronavirus pandemic. More than half the country shut down in early February in an effort to limit the spread of the virus, contributing to a 6.8% contraction in growth in the first quarter. As the outbreak of the disease stalled in March, businesses began to reopen, and the official gross domestic product grew 3.2% in the second quarter. 

Government-released data in the months since have pointed to further recovery overall. China economists from Nomura expect third-quarter GDP to grow 5.2% from a year ago. 

An independent survey of more than 3,300 businesses in the country between Aug. 13 and Sept.12 shows that growth story is intact — in the wealthier, coastal regions, according to the China Beige Book’s early look brief. The firm conducts the survey quarterly.

“For large firms and those based in the Big 3 coastal regions surrounding Shanghai and Beijing, as well as Guangdong–the corporate elite–the economy is accelerating. This is the public face of Beijing’s recovery narrative,” the report said. “But the rest of China — most firms in most regions — are seeing a far more muted recovery. (Small and medium-sized enterprises) and companies outside the core are earning, selling, investing, and borrowing far less than their counterparts.”

The analysis found that third-quarter revenue and profit in every region fell double-digits from a year ago, while most provinces in the landlocked parts of the country saw output and domestic orders decline from the prior quarter.

Jobs situation stabilizes

Employment, which is a priority for the central Chinese government, did see broad improvement in the third quarter, according to the survey. Manufacturing saw the fastest gains in hiring, while retail showed the greatest improvement in sales volume and prices, the China Beige Book said. 

“Geographically, labor market conditions were better than Q2 in every region,” Shehzad Qazi, managing director at China Beige Book, said in an email. “That said, hiring was strongest on the coast, with locales like Shanghai seeing nearly twice the job growth of numerous interior provinces.”

The official, but highly doubted, unemployment rate as measured by the official survey of cities was 5.6% in August, 0.1 percentage points lower than July, the National Bureau of Statistics said last week.

Other underlying concerns

However, again, the broad recovery masks remaining challenges in sectors such as services, which has employed a growing portion of Chinese over the last several years as the government tries to boost the economy’s reliance on consumption for growth. 

Borrowing actually declined among services firms, which were twice as likely to be rejected for loans as businesses in property, Qazi said. 

“The primary Covid impact now seems to be on Services, which saw only marginal improvement over Q2 in revenue, profits, and sales prices, along with no uptick in hiring,” the third quarter brief said. “Either consumers aren’t convinced that Covid is under control or the long-anticipated rise of Services is in greater jeopardy.”

Looking at the longer-term growth prospects of the Chinese economy, other analysts are pointing to other issues that remain unresolved.

“China faces more risks on its current path than is commonly understood and that the country has encountered incidents of stress within its financial system that could have spread to broader crises,” Logan Wright, Lauren Gloudeman, and Daniel H. Rosen from consulting and research firm Rhodium Group said in a report titled “The China Economic Risk Matrix” released on Wednesday. 

“Cycles in the property sector strike at the heart of some of Beijing’s vulnerabilities in containing financial stress. There is no strong record of policymakers in any country being able to deflate a sizable property bubble without negative consequences,” the authors wrote.

They did point out that most analysts, under the presumption that the Chinese government has the will and capacity to intervene, generally describe authorities’ management of economic problems so far as: “When they want to do something, they can usually do it.”

Source link

Continue Reading

Trending