WeWork raises $500M for Chinese subsidiary

WeWork’s Chinese subsidiary landed $500 million in a Series B funding round from SoftBank, Trustbridge Partners, Temasek and Hony Capital, the company announced Thursday.

The co-working giant officially launched the subsidiary, dubbed WeWork China, last July and landed a $500 million Series A investment from SoftBank and Hony. WeWork claims to have 20,000 customers in China — a number it hopes to grow to 40,000 by the end of the year. It runs close to 40 office locations in three Chinese cities.

Masayoshi Son’s SoftBank last year committed $4.4 billion to WeWork and is in talks to invest even more money, reportedly at a $35 billion valuation.

WeWork’s expansion into China comes as its fiercest Chinese competitor, UCommune, eyes the U.S. market.