WeWork opens new Beijing space in China expansion

BEIJING - Global creator community giant WeWork opened its 19th Beijing space Wednesday as the company steps up its expansion in the entrepreneurship-burgeoning market.

The new community, located in the International Electronics Headquarters in Beijing Electronics Zone in Northeast Beijing, has over 1,300 workplaces and already attracted several customers from emerging sectors like gene testing, according to WeWork North China's general manager Conan Quan.

Quan said Beijing is an innovation city where WeWork can play a bigger role to help nurture entrepreneurship and improve business efficiency. About half of WeWork's Beijing customers are big and leading firms.

The New York-headquartered maker space developer has been expanding fast in China since the opening of its first China office in Shanghai in 2016. It now has over 70 communities in eight Chinese cities including Hong Kong, Chengdu, Shenzhen, Hangzhou and Wuhan.

The company aims to extend its footprint to cities including Nanjing, Suzhou and Xi'an this year.

The company announced Tuesday that its 2018 revenue more than doubled, and businesses outside the US home market accounted for 43 percent of its total revenue in the fourth quarter of last year.