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WeWork’s China Subsidiary Is Raising $500 Million

The co-working startup’s China business is now valued at $5 billion.

Coffee dispensers sit on a counter in a kitchen area at the Embarcadero WeWork Cos Inc. offices in San Francisco, California, U.S., on Thursday, Oct. 19, 2017. WeWork has focused its attention on Asia since 2016 with the opening of its first facility in Shanghai amid booming demand for flexible work spaces.
Coffee dispensers sit on a counter in a kitchen area at the Embarcadero WeWork Cos Inc. offices in San Francisco, California, U.S., on Thursday, Oct. 19, 2017. WeWork has focused its attention on Asia since 2016 with the opening of its first facility in Shanghai amid booming demand for flexible work spaces.Photographer: Mike Short/Bloomberg

WeWork Cos.’s China-focused subsidiary is raising $500 million from Asian investors, the co-working giant said Thursday.

The round values the business at $5 billion, according to people familiar with the transaction. A year ago, WeWork created three separate entities to expand their shared office space business in Asia—one for China, another for Japan and a third for South Korea and Southeast Asia. SoftBank Group Corp. invested in all three ventures, and Hony Capital also took a minority stake in the China business.