Singapore-based Temasek Holdings (Pte.) Ltd. and Shanghai-based TrustBridge Partners held discussions to take a majority stake in WeWork China, Reuters reported, citing three people familiar with the matter.

The deal would value WeWork China at approximately $1 billion, two people said.

At the end of 2019, Temasek and Trustbridge submitted the proposal to SoftBank Group, a major shareholder in The We Co., to take a combined majority stake in the company by buying more shares, according to one of the people.

If the deal goes through, WeWork China could face a fall in valuation following the investment, but it would also ease WeWork and SoftBank's financial burden, according to Reuters.

The discussions were at an early stage and a deal was not certain, the people added.

WeWork owns 59% of WeWork China, with the remainder held by other investors including SoftBank, Hony Capital and TrustBridge Partners, according to the group's prospectus for its initial public offering.

SoftBank, Temasek and WeWork declined to comment. Trustbridge did not immediately respond to Reuters' request for comment.