WeWork has closed a $500 million funding round for its China subsidiary

Co-working giant WeWork just closed a $500 million round to expand its China business, valuing the subsidiary at $5 billion, according to sources familiar with the transaction.

The Series B round was led by Trustbridge Partners. Temasek, SoftBank and its Vision Fund and Hony Capital also contributed to the round. WeWork China is one of three of the company’s subsidiaries in Asia.

WeWork has been growing its China presence in the past few years, acquiring Chinese competitor NakedHub for $400 million in April. The funding puts WeWork China far ahead of leading Chinese competitor UCommune in terms funding levels, which has raised about half the amount of funding to date.

Last month, it was reported that WeWork is seeking a bigger investment led by SoftBank that would roughly double the parent company’s current valuation at $35 billion. If that happens, it would be the one of the top three most valuable privately held, venture-backed U.S. startups.

This article originally appeared on Recode.net.

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