SoftBank helps bankroll WeWork's Chinese expansion
On Thursday, WeWork revealed it's raised $500 million from SoftBank, existing investor Hony Capital, and its own new funding for its newly formed Chinese legal entity. WeWork first opened shop in China a year ago and already has eight locations there.
Asia partner: This follows an announcement last week that SoftBank and WeWork have formed a joint venture in order the bring the latter into Japan. Each company owns half of WeWork's Japanese unit and both contributed funds, though the companies declined to share how much SoftBank invested as part of the deal.
SoftBank has been rumored since late 2016 to be investing in WeWork, and it appears these investments are part of the two companies' financial relationship.