How to play in China’s multibillion-dollar co-working space

China's "sharing economy" boom might have been over-sold, but specific sectors retain great potential. A $120m funding round offers clues on how to carve out a share of the office market.

It seems a lifetime ago that any business model with sharing in its title was a guarantee of generous funding in a China flush with venture capital billions.

Now, investors wandering or perhaps riding a Mobike or a Didi car through the remains of the many start-ups that failed to find success are having to be much more discerning. The days when basketball or umbrella-sharing ideas won funding are long gone.

One concept that is increasingly pervasive, and is expected to cultivate more multibillion dollar markets, is co-working. The model differs from traditional office sharing with more active management of the space, a philosophy of building communities...

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