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WeWork wind down its involvement in China

WeWork wind down its involvement in China

The company sells control of China unit

Stocks impacted: WeWork (WEWK)

U.S. office-sharing firm WeWork said it will sell control of its China division to one of its investors - private equity firm Trustbridge Partners. WeWork said it will maintain a minority stake and participating interest in WeWork China and that it will receive an annual fee from the unit for use of the WeWork brand. Trustbridge and Temasek Holdings held talks with WeWork's Chinese unit over increasing their stakes and taking majority ownership. Since 2016, more than 100 WeWork spaces have sprung up across 12 cities in China. China accounts for roughly one-eight of its locations globally. Ahead of its planned initial public offering, which was later postponed in 2019, WeWork highlighted China, a lower-priced market, as a drag on its profit margin.

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