Airbnb to pay out US$250mil to hosts worldwide

Hosts can apply for grants for up to US$5,000. That fund started with Airbnb employee donations of $1 million and the company's three founders are personally contributing the rest, it said.

NEW YORK: U.S. home rental firm Airbnb said on Monday it was allocating $250 million to help offset losses by hosts around the world whose guests have canceled bookings in the face of the coronavirus pandemic.

The aid, which will pay hosts 25% of their normal cancellation fees, is being offered globally except for China, the company said in a letter sent to hosts by Chief Executive Brian Chesky.