WeWork expands in China

WeWork, considered the world's leading co-working space provider, opened its first property in Hangzhou, Zhejiang province.

It is thought the move indicates the company's wish to further explore China's market potential.

The space is a 10-minute walk from West Lake and will create about 1,700 jobs, among which up to 50 will be flexible.

WeWork Greater China general manager Alan Ai said that they will keep pace with Hangzhou's technology innovation and industrial transformation by gathering high-level innovation resources in their space.

WeWork Greater China regional head of project delivery Sern Hong Yu said the company plans to open a further two spaces in Hangzhou.

There is currently one WeWork space in every two or three blocks in markets like New York and London, he added.

The company hopes to achieve a similar expansion in China.

Founded in New York in 2010, WeWork launched in China in 2016 and has now opened 69 spaces in six Chinese cities.

It plans to open new spaces in Guangzhou and Wuhan by the end of this year.