Saudi Telecom Company has agreed to launch a joint venture (JV) with partners including Chinese tech giant Alibaba Group with an initial investment of about $238.3 million. Separately, Airbnb announced that it will shut down its China business this summer after about six years of operations.

China Digest: Saudi Arabia’s stc sets up JV with Alibaba; Airbnb to close China business comes via ChinaTechNews.com.