SOHO plans spinoff of co-working division

Hong Kong-listed SOHO China Ltd said on Tuesday that it is planning to spin off its co-working space business SOHO 3Q and take it public to realize its value.

SOHO also announced that its net profit in 2017 surged 420 percent year-on-year to reach 4.73 billion yuan ($747.3 million).

According to its Chairman Pan Shiyi, SOHO 3Q, the co-working division wholly owned by SOHO China, is going to speed up expansion by doubling its workspace seating numbers to 50,000 this year.