WeWork Weihai Lu commons in Shanghai, China. Photo: WeWork
Why it matters: The purchase follows two WeWork trends — international growth, especially in Asia, and an acquisition spree. WeWork first opened offices in China in 2016, and last year set up a Chinese entity, bankrolled by SoftBank and Hony Capital, to expand its presence in the country.
Local race: This is only the second co-working company WeWork has purchased (the first was Spacemob in Singapore), but there's no doubt the competition in Asia is heating up. Other local competitors include unicorn Ucommune, which has been on its own acquisition spree.