WeWork shelved its initial public offering in 2019 after investors grew wary of its losses, business model and corporate governance, leading to the resignation of co-founder and former chief executive officer Adam Neumann.
US OFFICE-sharing firm WeWork on Thursday said it will sell control of its China division to one of its investors - private equity firm Trustbridge Partners - as it steps back from a competitive market where it has suffered low-occupancy rates.
The deal effectively offloads the China unit away from the parent, which has faced fundraising issues since a failed attempt to go public in 2019.
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