Gemdale Properties and Investment Corp. Ltd. and WeWork Cos. Inc. entered into a revenue-sharing agreement concerning a coworking facility in Shenzhen, Mingtiandi reported, citing a statement from the China state-owned developer.
The 3,300-square-meter space in the Vision Shenzhen Business Park that will be converted into a WeWork center under the deal formerly housed Gemdale Properties' own office-sharing brand, iBase. It will serve as the pilot project for the partnership and is expected to open in the second half of 2019, according to the news platform.
Through the partnership with Gemdale Properties, the American coworking space operator will allow it to expand and tap opportunities within the Guangdong-Hong Kong-Macao Greater Bay Area, with plans to open two more facilities in Shenzhen, the Jan. 18 report added.
Earlier in the year, WeWork unveiled a plan to roll out a revenue-sharing scheme with Asia-based landlords and developers for the establishment of new facilities across the region.