Hong Kong co-living business is ready to go global

Hong Kong-based co-living rental accommodation provider Weave Co-Living raised $180 million from Warburg Pincus on Monday.

The US private equity firm has the option to upsize its investment to as much as $431.5 million. Proceeds will be used to expand Weave’s business in Asian gateway cities which include Singapore, Seoul, Sydney and Tokyo. Weave has said that it intends to grow its portfolio to more than 10,000 rooms over the next five years.

Weave now leases 160 fully decorated rooms in a building in downtown Hong Kong. Before it started operations in August this year, Weave received 1,000 applications - more than six times...