SoftBank has high hopes for WeWork Japan

November 6, 2019
Share this Post: 

WeWork has been criticized for how much it hemorrhages cash, lacking profitability in most of its markets, except for Japan.

According to its majority owner, SoftBank Group, the Japanese unit of the New York-based office space company will soon be in the green.

SoftBank most recently said WeWork Japan will become profitable “in the near future” thanks to the high occupancy rates across its 23 locations in the country.

By contrast, WeWork NYC has 66 locations.

WeWork Japan has 240 employees, according to SoftBank Corp. CEO Ken Miyauchi, who spoke during an earnings news conference.

The remarks came after SoftBank's billionaire founder Masayoshi Son told colleagues that "we created a monster" — a reference to WeWork.

SoftBank is also said to have imposed stricter governance standards on dual-class share structures after WeWork sought a bailout and scrapped its initial public offering.

SoftBank is a Tokyo-based telecommunications conglomerate and considered Japan's third largest telco. It just reported a 9 percent rise in second-quarter operating profit.

Read more here

Join us November 13-15 for the Property Portal Watch Conference Madrid 2019.

Property Portal Watch Madrid Conference Nov 13-15

November 6, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Investment Roundup 21Feb
Investment and Funding Roundup: Immowelt, Libeen, PropHero

This week's funding and investment roundup starts in Germany, where immowelt (part of the Aviv Group) has closed its third...

Read More
People Roundup 21Feb 1
People Roundup: PropertyGuru, REA India, Zillow

This week's People Roundup starts in Singapore, where nearly 200 people have lost their jobs at PropertyGuru...   Asia: PropertyGuru...

Read More
Product Update 2025Feb21 2
Product and Services Roundup: QuintoAndar, Samolet Plus, Imoti.net, Zoopla, Dubizzle, Zumper, Avito, realestate.gov.eg

This week's (vast) Product Roundup starts in Brazil, with yet another GenAI tool launch...   Latin America: QuintoAndar introduces GenAI-powered...

Read More
Costar Domain 3
CoStar Submits All-Cash $1.7 Billion Takeover Bid for Domain

The U.S. real estate giant CoStar has made an all-cash offer to purchase the Australian number two portal Domain, worth...

Read More

Editor's Pick