WeWork Sells Off Majority Stake In Chinese Entity
WeWork China has locked in a $200 million investment from Trustbridge Partners, which first backed the company in a Series B round in 2018. This latest financing officially makes the Shanghai-based equity firm the controlling shareholder of WeWork’s Chinese entity.
According to a spokesperson, WeWork China will continue to be in close cooperation with WeWork’s global headquarters moving forward to “ensure the consistency of the WeWork brand and satisfaction of global members and employees.”
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The company has laid off employees as part of the sale, and many other changes are anticipated in the coming months. Additionally, Michael Jiang, operating partner at Trustbridge Partners, will take over as CEO.
Since WeWork’s arrival, over 100 locations have opened across 12 cities in China, including some from its acquisition of competitor Naked Hub.
Trustbridge Partners will conduct a localized makeover including decision-making and management strategies, as well as partnerships with local communities and enterprises.
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