Shanghai's Lingang Group has signed a strategic agreement to create offices for entrepreneurs with startup UrWork, a co-working office space company founded earlier this year.
UrWork and Lingang, a state-owned economic development group, on Monday also announced their first project, Caohejing UrWork, with about 500 working seats. Eighty percent of the office space already has been booked, about half by Internet companies and a quarter by financial and trading companies.
UrWork, started by former China Vanke Co Vice President Mao Daqing, raised $31 million in financing in September. It provides startup office space and other support services in 15 cities in China. Besides Caohejing, UrWork has two other projects to be opened in Shanghai.
Lingang Group's collaboration with UrWork is an important effort to create high quality office space for entrepreneurs, said Yuan Guohua, the group's president.
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