General view of WeWork Weihai Road flagship is seen on April 12, 2018 in Shanghai, China. World’s leading co-working space company WeWork will acquire China-based rival naked Hub for 400 million U.S. dollars. (Photo by Jackal Pan/Visual China Group via Getty Images)
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LONDON — Office space provider WeWork has sold a majority stake in its China business to existing shareholder Trustbridge Partners for $200 million, after the coronavirus pandemic intensified its financial difficulties.
The New York-headquartered company, which buys and leases prime real estate in the world’s biggest cities, has been cutting costs globally ever since its botched IPO last year.
WeWork said it will retain a minority stake in WeWork China and that it will continue to receive an annual license fee for use of its brand and services. It will also keep a board seat.
Having once held a private valuation of $47 billion, the company was valued at just $2.9 billion in May. Indeed, WeWork’s…