WeWork, Hony Capital, and SoftBank jointly announced on July 27th an effort to expand WeWork’s operations within China. The expansion comes in the form of a new entity called WeWork China, managed and operated by WeWork with Hony Capital and SoftBank owning minority stakes through a $500 million investment.
WeWork currently operates eight locations in China, providing over 130,000 global members with community, spaces, and virtual and physical services. Since the company’s founding in New York in 2010, their operations expanded to include 155 locations in 15 countries across the globe, with 15,000 members expected in China alone by the end of 2017 thanks to a $500 million investment for expansion in the region.
Adan Neumann, CEO and co-founder of WeWork Cos, talked about the expansion into China in a press release, saying that, “Since coming to China only a year ago, we’ve been able to establish a vibrant community of creators and companies – and we’ve only just begun. With Hony Capital and SoftBank’s financial support and deep expertise in the region, we’ll substantially grow our membership base in China and make WeWork the preeminent workspace solution and community in greater China.”
Operating and overseeing the expansion into Asia is Christian Lee, who will manage WeWork Asia from the company’s regional headquarters in Shanghai. In addition to the Chinese expansion, WeWork is also constructing a new digital operating system, using technology and data to aid in the process of construction.
