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WeWork to set up co-working spaces in Shanghai, Hong Kong to tap growing start-up communities

New York-based WeWork, backed by China’s Legend Holdings, poised to expand to other Chinese cities over next 12 months

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WeWork’s co-working space in Times Square, New York rents desks for US$625 a month. Photo: Company

New York-based co-working space provider WeWork, in which Lenovo Group parent Legend Holdings is a major investor, is poised to expand in Hong Kong, Shanghai and other Chinese cities this year to tap their growing start-up communities.

WeWork will expand into Shanghai this June and Hong Kong during the second half of this year, said a company spokesperson. It will open in other Chinese cities over the next 12 months.

“We see great opportunities in China with its active capital investment market and the government’s push of entrepreneurship,” said Fred Lu, general manager for mainland China.

The booming start-up scene gives us a lot of opportunities but our business is not tied to it
Fred Lu, WeWork

WeWork rents offices from landlords and renovates them into hip co-working spaces and common working areas that promote social interaction. It then leases the resulting smaller offices to start-ups, freelancers or any companies that are looking for flexible working space.

The new WeWork space in Shanghai will occupy two floors of a six-storey building run by property developer Shanghai DOBE Cultural & Creative Industry Development. Each floor spans 1,600 sq m.

DOBE said the remaining floors will be leased to other multinationals . The building is located in Jingan district, one of the most expensive commercial areas in the city.

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