WeWork sells majority stake in Chinese entity, seeks localization

Four years after its foray into the Chinese market, followed by rapid and cash-hemorrhaging expansion, WeWork decided to wind down its involvement in the country.
WeWork’sChinese unit has secured a $200 million investment led by Shanghai-based equity firm Trustbridge Partners, which first backed WeWork China in its Series B round in 2018, the American co-working giant announced. What the release didn’t emphasize is that the latest financing effectively makes Trustbridge Partners the