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WeWork seeks local partners for expansion in China
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INTERNATIONAL co-working space operator WeWork is seeking vibrant expansion in major Chinese cities mainly through alliances with local partners, senior executives of the US-based company said in Shanghai today.
Three new locations -- two in Beijing and one in Shanghai -- will be opened in 2017, Adam Neumann, chief executive officer and co-founder of WeWork, told local media while attending the official opening ceremony of the company's second space in Shanghai. Housed in a historic building in downtown Jing'an District, it is WeWork's China flagship location with a capacity of more than 1,300 seats.
"This stunning place on Weihai Road signifies WeWork's commitment to China," Neumann said. "We are here for a long time because we just started."
Established in 2010 in New York, WeWork first tapped into the China market in July 2016 when it opened its first location on Yanping Road, Jing'an District. The space achieved 100 percent occupancy just within 30 days of its opening, according to the company.
To accelerate its China growth, WeWork also announced a strategic partnership with Sino-Ocean Group, a real estate developer in the country.
The first of its kind for WeWork in China, the partnership will see WeWork provide the brand, design, community, digital tools, global member network and management operations while SOG will offer real estate and local market expertise as well as capital.
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