Grant Horsfield, founder of Shanghai-based resort and co-working space operator naked Group, always sees things differently. When others saw dilapidated farm houses in China’s countryside, he envisioned seclusive luxury resorts. Now, a year after entering China’s co-working space, the South African entrepreneur is convinced that the future of his multi-pronged hospitality and property business lies in fast execution.
Chinese co-working space start-up UrWork has raised a new round of financing worth RMB400 million (US$58 million) from Tianhong Asset Management Co., Ltd., a fund management firm affiliated with Ant Financial, Chinese property developer Junfa Group and a number of other Chinese companies.
Chinese co-working space company Urwork has agreed to merge with peer New Space, a Beijing-based incubator and co-working space firm. The transaction is the first merger deal in the crowded co-working industry in China.
Chinese private equity firm Hony Capital and Japan’s SoftBank Group Corp. have agreed to inject US$500 million into an investment vehicle to operate WeWork Cos.’s China unit and fuel the American co-working giant’s expansion throughout China.
Chinese co-working space Mydream+ has completed a RMB300 million (US$48 million) series B funding round led by Ocean Link, participated in by the existing investor Joy Capital and M31 Management Fund, a unit of Giant Group.
Global co-working giant WeWork’s China unit is reportedly buying Chinese shared office space startup naked Hub for US$400 million according to sources close to the deal.
Co-working space operators WeWork China and naked Hub today announced a deal to join forces to build a community with one million members by the end of 2021, in the biggest deal for WeWork and the biggest deal for the co-working sector in Asia.