WeWork’s minority-owned China unit eyes Hong Kong expansion on back of demand from Web3 and crypto firms, mainland border reopening

Name: SCMP
Telephone: +852-2680-8888

There are many opportunities in Hong Kong, especially since the border with mainland China reopened in January, WeWork Greater China vice-president says

Firm is seeing demand from Hong Kong’s booming Web3 and virtual-assets industries after the city issued new guidelines allowing retail trade in cryptocurrencies

Reading Time:3 minutes

Why you can trust SCMP

The WeWork Greater China coworking space in Hong Kong’s Causeway Bay. Photo: Xiaomei Chen

Yulu Ao

Published: 6:00am, 12 Jun 2023

WeWork Greater China, a unit of the US coworking space provider, is once again considering expanding in Hong Kong, having reduced more than half of its footprint in the city during the coronavirus pandemic.

The firm, in which Shanghai-based investment firm Trustbridge Partners holds a more than 51 per cent share and WeWork Global has a minority stake, is seeing more Chinese firms trying to seize offshore opportunities, and turning to flexible offices in Hong Kong in the process.

“Hong Kong is one of our core markets – we have seen many opportunities here, especially since the border [with mainland China] reopened in January,” Quan Bin, WeWork Greater China’s vice-president, said in an interview with the Post.

WeWork Greater China said the value of its transactions in the Hong Kong market increased 117 per in the first quarter of this year compared with its previous three-month period. “We see more mainland enterprises that want to go overseas, and they target Hong Kong as their first stop … a launch pad to tap the global market,” Quan said.

Quan Bin, WeWork Greater China’s vice-president. Photo: Xiaomei Chen

“Meanwhile, global companies that want to tap the Chinese market will also eye Hong Kong. Thus, it’s a very good time and opportunity for us to focus on and invest in the city.”