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WeWork pulls back on Asia ambitions with sale of China business

Trustbridge Partners invests $200m in troubled coworking joint venture

A WeWork office in Beijing: The company operates more than 100 locations in 12 Chinese cities through a joint venture.   © AFP/Jiji

HONG KONG -- Flexible office operator WeWork will give up majority control of its Chinese joint venture, an about-face in a country that was expected to be one of its most important markets.

WeWork's local partner will invest an additional $200 million in the joint venture as part of the deal. The investment will give Trustbridge Partners, a Shanghai-based investment firm, a majority stake in WeWork China, while the U.S. parent will retain a minority stake.

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