This week, China Voices brings TechNode Squared members an exclusive roundup on the troubles facing WeWork in China, according to the local media. TechNode has not independently verified the claims made below.

Softbank CEO Masayoshi Son didn’t quite hit the nail on the head when he dubbed WeWork “the next Alibaba.” WeWork’s China expansion has been “bleeding cash,” with the FT reporting that its Shanghai and Shenzhen offices have only been able to muster massively unprofitable 65% occupancy rates.

Son’s greatest money sink did, however, spawn a whole breed of Chinese copycats. The successful Chinese co-working space companies have chosen to develop well-rounded business models selling services and a broader network to its customers. As UCommune, the domestic leader, plans for a 2019 US IPO, it’s worth taking a look back at why they have succeeded where WeWork failed.

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Jordan Schneider

Jordan Schneider is a freelancer based in Beijing and the host of the ChinaEconTalk podcast.