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Reuters reveals WeWork China’s ambitious sales targets for 2020

Reuters reported exclusively that the China division of workplace provider WeWork has set out ambitious revenue goals for 2020 even though it faces staff cutbacks and weak occupancy numbers at its properties across China. The revenue targets for the China division disclosed at an internal staff meeting suggest that the company could be looking to achieve as much as $500 million in revenue from China next year, according to Reuters calculations. In 2018, WeWork China generated $99.5 million in revenue, according to WeWork’s IPO prospectus. WeWork is undergoing a broad restructuring after it was thrown a $9.5 billion lifeline by Japanese technology conglomerate SoftBank Group Corp following a failed public offering and the ouster of founder Adam Neumann.

Article Tags
Type: Reuters Best
Sectors: Equities
Regions: Asia