WeWork Launches Its China Unit, Backed By Hony, SoftBank
Co-working space WeWork is all set to launch its Chinese unit after it raised $500 million from Hony Capital and SoftBankGroup, one of China's largest private-equity firms.
WeWork will tap into booming demand for shared office space in the world's second-largest economy. With the funds raised, it will expand its services to at least 5 other locations in the next 12 months. Currently it is available in Beijing and Shanghai.
State-owned real estate developer Greenland Group and hospitality company Jin Jiang International - parent of Hong Kong-listed Shanghai Jin Jiang International Hotels Group - will also invest in the local unit,said WeWork co-founder and CEO Adam Neumann.
"By creating local entities we allow ourselves to take local management, give them local equity, incentivize t...