WeWork to build new workspace in Hong Kong
US-based shared working space unicorn, WeWork, has announced it will build its newest workspace in Hong Kong at the city’s LKF Tower.
The company currently has a valuation for $20bn, according to the South China Morning Post, and currently has 212 office locations in 66 cities.
WeWork makes about $1bn in revenue each year and has been named among the top Unicorns (billion-dollar venture backed private companies) by CB Insight, who have placed it as eighth most valuable in the world following the likes of Uber and Xiaomi.
Last year WeWork announced its planned expansion in Asia, in a $500mn expansion plan which began with a space in Singapore and was to also include Korea as well as China.
The working space was opened in Singapore’s Beach Centre and two more spaces are expected, including one in Singapore’s CBD which will accommodate up to 1,000 people.
The company received the $500mn in a 2017 funding round which included investment from SoftBank and Hony Capital.
WeWork offers space to 200,00 members – from entrepreneurs and start-ups to MNCs like HSBC or Alibaba – with the options to book whole offices or desks on an hourly, daily or weekly basis.
Its Chinese expansion, according to the South China Morning Post will include eight cities: Shanxi, Shenzhen, Suzhou, Hangzhou, Xiamen, Chengdu, Nanjing and Wuhan.
WeWork describes itself as “a global network of workspaces where companies and people grow together. We transform buildings into dynamic environments for creativity, focus and connection”. It offers a range of flexible services including desks, office suites or entire headquarters to a range of people from entrepreneurs to start-ups and small businesses.
Since the company’s foundation in 2012 it has now built up a staff of 4000, and according to the Financial Times is the biggest “office occupier” in central London, as shared flexible working space becomes more and more advantageous for companies of all sizes as opposed to paying monthly or yearly overheads for permanent offices.
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