Exclusive: WeWork China sets out bold 2020 sales targets at meeting – sources

SHANGHAI (Reuters) – WeWork China has set out ambitious revenue goals for 2020 even though it faces staff cutbacks and weak occupancy numbers at its properties across China, sources familiar with the matter said, citing targets announced by the division’s general manager at an internal meeting in Shanghai on Wednesday. FILE PHOTO: The WeWork logo…

Exclusive: WeWork China sets out bold 2020 sales targets at meeting – sources

SHANGHAI (Reuters) – WeWork China has set out ambitious revenue goals for 2020 even though it faces staff cutbacks and weak occupancy numbers at its properties across China, sources familiar with the matter said, citing targets announced by the division’s general manager at an internal meeting in Shanghai on Wednesday. FILE PHOTO: The WeWork logo is displayed on the entrance of a co-working space in New York City, New York U.S., January 8, 2019. REUTERS/Brendan McDermid/File PhotoAlan Ai told employees at the meeting that the firm has set a goal to bring in non-core revenue of around $30 million in the year 2020 and for non-core revenue to account for more than 6% of its total takings in the country, the sources said. That would represent a significant increase in the revenue generated from technology services and other products for tenants and shows one of the ways the office-leasing company hopes to turn around its business. The China division’s global parent, WeWork, declined to comment. WeWork is undergoing a broad restructuring after it was thrown a $9.5 billion lifeline by Japanese technology conglomerate SoftBank Group Corp (9984.T) following a failed public offering and the ouster of founder Adam Neumann. The company las
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