Ucommune Partners with Vanke to Revitalise Urban Real Estate

BEIJING, March 23, 2018 /PRNewswire/ -- China's largest co-working space provider, UrWork (Beijing) Venture Investment Co. Ltd (known as ucommune) has announced today to enter a strategic partnership with China's leading property developer Vanke, in a bid to build an integrated service platform through tapping shared resources and brand equity.

"The joint partnership with Vanke is to me a family reunion. Being a former member of Vanke family myself, the journey with ucommune has been closely connected with Vanke since the very beginning," says Dr. Mao Daqing, former senior vice president at Vanke. He said that the partnership will see the two parties setting up joint locations in over ten cities across China, taking coworking and coliving to the next level. The move has come less than two weeks after the acquisition of Woo Space which prompted the value of ucommune to US$1.7bn.

"Ucommune has over 6000 corporate members that are fast-growing and are leadership in their respective sectors. While their growth posts high demand on coworking space development, resource integration and platform infrastructure, these enterprises themselves form the main growth drivers of the urban economy. The strategic partnership built on mutual recognition and complementary strengths will see ucommune going from strength to strength," says Dr.Mao.

Liu Xiao, senior vice president of Vanke says: "ucommune's wealth of cross-regional operation and management experience, as well as the consummate brand-building expertise will add tremendous value to this win-win partnership. Both parties will be fully committed to synchronising resources, know-how of facility management and operational capabilities to support the growth of more and more start-ups and SMEs in China."

Mr Liu adds also that the strong membership system and the service platform powered by AI and Big Data technologies will create stronger intra-member connectivity and service accuracy, enabling maximised business networking efficiency and efficacy.

Joint partnership to revitalise facility management

This strategic partnership will see both parties collaborating in areas such as: joint commercial leasing, investment and operation, direct leasing, and customised interior design. Apart from physical space sharing, both parties will reach full-scale partnership in developing youth apartments, office buildings in industrial parks as well as equity partnership. The partnership will set new benchmark that the industry coerces around and collaboratively build an integrated platform to support the mature development of the coworking industry in China.

In recent years, coworking space sector has been growing at year-to-year rate of 30%. It is estimated that by 2019, the total operating area of coworking space in China will reach 51 million square meters. By 2030, 30% of office space will exist in the form of coworking spaces. In the next five years, the development of a platform and sharing economy will become an important part of promoting the growth of the new economy.

Note to editors:

China Vanke Co., Ltd. (known as Vanke) is a Fortune 500 property developer in China established in 1984. The Group centers on the three most vibrant economic circles nationwide and hub cities in Midwest China. Positioned as "integrated urban development service provider", Vanke upholds the vision of "making quality housing available for the many people". The core business of the group includes property development, urban development and property service. In recent years, the group has been focusing on commercial property development, logistic estate, long-term rental estate, skiing resorts, pension and education facilities. (www.vanke.com/en/)

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About UrWork (Beijing) Venture Investment Co., Ltd:

Founded in 2015 by real-estate veteran Dr. Mao Daqing, Ucommune (formerly known as URwork) is a leading co-working space provider in China offering long-term leasing, hot desk and corporate-customization solutions and professional services across a broad spectrum for small-to-medium enterprises. Backed by renowned investors such as Sequoia Capital, Zhen Fund, Noah Wealth Management, Sinovation Ventures, Ucommune posts a valuation of U.S. $1.7 billion after C round and acquisition of Woo Space, as of March 2017 and has grown to cover over 160 locations in over 36 cities globally, including but limited to Singapore, New York, Los Angeles, Beijing, Taiwan, Hongkong, Shanghai, servicing over 6,000 enterprises, 120,000 individual members in total. Ucommune is the largest and most recognised co-working space brand in China.