Shared Offices in China for $109 a Week Target Startup Tenants
- Demand from smaller firms to help alleviate office vacancies
- Soho China, Vanke, Sino-Ocean Land offering co-working spaces
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Chinese real estate developers, struggling with a widespread glut of office space, are pursuing a new type of tenant: Startups seeking shared work facilities.
Soho China Ltd., which plans to expand the number of desks in its shared offices almost 10-fold in the next three years hosting companies such as Uber Technologies Inc., last week signed a deal with Greenland Holdings Corp. to help convert the latter’s properties into co-working spaces. Sino-Ocean Land Holdings Ltd. in September unveiled a similar plan as part of a new complex in eastern Hangzhou, and China Vanke Co. is wooing e-commerce startups to its projects in the southern city of Guangzhou.