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.
