Shared office space provider WeWork’s China subsidiary has hit a valuation of $5 billion after receiving fresh investment from a number of high-profile backers, the Financial Times reports.
The $500 million funding round included investments from Japanese investment firm SoftBank and its Vision Fund, Singaporean sovereign wealth fund Temasek, as well as private equity firms Trustbridge Partners and Hony Capital.
WeWork’s global business is now valued at $20 billion and the company owns or leases many of the world’s most high-profile properties, including the Lord & Taylor store in Manhattan and One Poultry in central London. The company is now aiming to replicate this growth in China, with this new funding round raising its Chinese subsidiary’s valuation fivefold.