Shared office space startup WeWork announced on Wednesday that it has received $500 million from Japanese conglomerate SoftBank and Chinese private equity firm Hony Capital.

The funds will be used to set up WeWork China which will help expand the company’s operations in multiple Chinese cities as well as increase its presence in Beijing, Shanghai, and Hong Kong.

“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,” said CEO of WeWork Adam Neumann in a press release.

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Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.