The Chinese unit had raised US$500 million in July 2018 from investors including Temasek, Trustbridge, SoftBank and Chinese fund Hony Capital in a deal valuing the firm at about US$5 billion. That was the second round, with the firm having previously raised US$500 million in 2017.
The larger WeWork group is undergoing a broad restructuring after it was thrown a US$9.5 billion lifeline by SoftBank following a failed public offering and the ouster of founder Adam Neumann. WeWork China has set out ambitious revenue goals for 2020, Reuters reported last month, even though it faces staff cutbacks and weak occupancy numbers at its properties across China.WeWork's woes have had a ripple effect across the sector, impacting the likes of UCommune, WeWork China's rival, which is trying to launch an IPO.
Source: News Formal (newsformal.com)
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