To accelerate the business development in China, WeWork partners Hony Capital and SoftBank Group to set up “China WeWork”.
The world-leading shared workspace and community service provider, WeWork, China’s leading investment corporation Hony Capital and SoftBank Group are combined to announce to build up “China WeWork”. Hony Capital and SoftBank lead this investment with $500 million. It is to speed up expanding business in Chinese market, provide redundant capital, enhanced local team, and shareholders’ resource support to China WeWork project.
China WeWork will continue to increase shared workspace in the cities where WeWork has already moved in, including Beijing, Shanghai and Hong Kong. In the meantime, China WeWork will step into three or 4 new cities fitting WeWork’s development in the next year, strengthen local team, and attract more talents.
WeWork founder and CEO Adam Neumann said, the company is very exciting to further deepen the partnership with Hony Capital and SoftBank, which will help WeWork accelerate the expansion into more cities in China. He thought Hony Capital and SoftBank really offer powerful support to WeWork’s development. Since WeWork opened the first workspace in Shanghai to move into Chinese market in July 2017, WeWork has already set up a lifeful community providing entrepreneurs, small businesses and startups services.
At present, WeWork has opened eight workspaces and another three opening soon in Greater China. It is just a beginning for the huge potential in Chinese market. “China has become a warm land for commerce, finance and innovation because of its striking development speed. We believe that WeWork’s unique mode cannot only offer help to Chinese entrepreneurs and companies, but also has good effect on attracting more foreign investments. Oversea companies can access China via WeWork’s network, so as to offer better services to Chinese consumers and the market in China. With the help from Hony Capital and SoftBank, the establishment and capital investment of China WeWork will speed up the development of WeWork and enter into more China’s cities to offer services to more Chinese companies. As we already say that WeWork aims at creating a world where people treat their work as their life, not just for living,” said Adam Neumann.
Hony Capital chairman and COE Zhao Linghuan on behalf of the investment group said that this is the second time Hony Capital investing in WeWork. Hony Capital highly endorses WeWork’s business mode and development strategy, and hopes to further help WeWork root in China and expand rapidly here. WeWork has accessed China for a year, and Hony Capital has noticed its special business mode as well as advantages.
Specifically, it cannot only offer shared workspace, but also offer global services and resources to its members via global network; also, it not just serve innovative entrepreneurs and startups, and even create new working methods to attract many large enterprises in the world to move in, including MS, DELL, GE (General Electric), Ofo, HSBC, and etc. We think, by virtue of the existing leading scale, global network, and lifeful community, WeWrok will lead the development of the shared office area.”
Zhao Linghuan also said, China WeWork will push its special business mode entering more China’s cities faster. Chines investment groups will brings WeWork “capital + resources” assistances, so as to create a new ecosystem. It cannot serve China’s companies, but also attract excellent foreign companies entering China to offer better products, technologies and services on Chinese market.
Ronald D. Fisher, on behalf of SoftBank, said that SoftBank always focuses on investing in those disruptive technologies, to prepare for entering the next phase of information revolution. WeWork relies on the latest technologies and innovative methods, which fully correspond with our expectation. SoftBank is very glad to continue to support WeWork development and expansion.