WeWork receives $500 million capital injection for its China war chest

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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.

In March 2016, WeWork sealed a $430 million deal aimed at helping the US-based company open centers in several countries including China, South Korea, and Japan. This financing was also led by Hony Capital and as well as parent company Legend holdings. The company entered the Chinese market by opening its first office space in Shanghai in July 2016

WeWork currently has more than 155 offices in 15 countries and 50 cities worldwide.