Chinese private equity firm Hony Capital and Japan's SoftBank Group Corp. have agreed to inject US$500 million into an investment vehicle to operate WeWork Cos.'s China unit to fuel the American co-working giant's growth and expansion throughout China.
The investment vehicle, led by Hony Capital and a subsidiary of SoftBank, created an entity that will operate under the name WeWork China to compete with Chinese rivals including UrWork and naked Hub. WeWork will be responsible for the management and operations of WeWork China, while SoftBank and Hony Capital will each own a minority stake, according to a company announcement. It's unclear how much a stake each party holds in the new company.
"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...
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