WeWork pledges long-term commitment to China
Global co-working and community service provider WeWork said on Wednesday it pledged its commitment in China for the long term, and is expanding its presence in the Chinese market through strategic partnership with local landlords.
The US-based company said in a statement that China has been a strategic market for WeWork to enable enterprises, start-ups and companies of all sizes to accelerate their growth in the country and beyond.
As part of this acceleration, it continues to deepen its localization strategy in China by creating collaborative spaces and communities designed to power businesses.
The announcement came after the Financial Times reported the company plans to cut as many as 4,000 jobs and scale back its presence in China, India and Latin America. In September, Adam Neumann, WeWork's co-founder and CEO stepped down amid pressures to resign after the company’s initial public offering flopped.
Last month, it secured a $9.5 billion rescue package from SoftBank, a deal that hands 80 percent of the company to the Japanese conglomerate.
The company has been operating in China since 2016.
