WeWork is trimming its footprint in China and is expanding it in Singapore.
On Thursday, Office-sharing startup WeWork stated, it plans on opening two new locations in Singapore later this year.
The development comes even as WeWork seeks a $1 billion loan from its biggest-backer Softbank Group Corp in order to progress on its major restructuring.
In a statement, WeWork, a New York-based startup which was forced to abandon its planned initial public offering last week due to investor concerns over its valuations and business model, stated, it plans on opening new locations at 83 Clemenceau Avenue and 30 Prinsep Street in Singapore.
The plan to increase its footprint in Singapore comes midst WeWork’s parent, The We Company, curbing its expansion plans in China.
According to sources familiar with the matter at hand, the loss-making startup is looking to trim its workforce and slow expansion in order to preserve its cash as it seeks alternative sources of funding.
WeWork currently has 25 locations across Southeast Asia.