WeWork launches dedicated China business backed by $500M from investors

by The Net Today · July 27, 2017

WeWork is making a big move to win the co-working market in China after it announced the creation of a standalone WeWork China business, backed by $500 million from existing backers SoftBank and Hony Capital.

Currently WeWork operates seven locations across Greater China, with spaces in Shanghai, Beijing and Hong Kong. It said that this money, which is only for use via its China business, would be used to expand its presence in those three cities and move into more “on an accelerated timeframe.” The company estimates that it will have 15,000 members in China by the end of this year.

WeWork said it operates 155 physical locations in 50 cities across 15 countries worldwide. Elsewhere in Asia, it has revealed plans to move into Japan — where it is working with SoftBank — and India, while it has been linked with a move into Southeast Asia via a Singapore-based space.

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