When WeWork opened its Shanghai office in early July, it was nearly fully leased almost immediately.
So successful has its model been in cities around the world in recent years that Hony Capital and its parent Legend Holdings recently led a $780 million capital raising for WeWork, signalling their intention to help the company expand its hip-office operations across China.
But WeWork is not the only big name player vying for opportunities in the co-working space arena in China. Its success has caught the attention of developers in China keen to emulate its success by turning excess office supply into coworking space.