WeWork China will not participate in WeWork's strategic reorganisation

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November 6, 2023 10:36 PM EST

People are seen outside the building of Wework's co-working space during the National Day Golden Week holiday, in central Beijing, China October 2, 2018. Picture taken October 2, 2018. REUTERS/Stringer/File Photo

BEIJING (Reuters) - WeWork China will not participate in the strategic reorganisation of WeWork in the United States and Canada, it said on Tuesday.

WeWork China is not a branch or unit of WeWork, it said in a statement on WeChat, adding the company has independent operations and management capabilities.

WeWork, the SoftBank Group-backed startup, sought U.S. bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.

"Any operating conditions of WeWork in other regions around the world will not have any impact on WeWork China," it added.

(Reporting by Ella Cao, Albee Zhang and Ryan Woo; Editing by Christian Schmollinger)


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