World's leading co-working space company WeWork Cos announced on Thursday that it will accelerate its business in China by investing $500 million and partnering with Hony Capital and SoftBank Group.

WeWork will create a local entity under the name of WeWork China with investment vehicles led by Chinese leading private equity firm Hony Capital and SoftBank. WeWork will be responsible for the management and operations of WeWork China, while Hony Capital and SoftBank will each own a minority stake, according to a statement co-released by WeWork and Hony Capital.

WeWork received venture capital funds totaling $700 million from investors led by Hony Capital in March last year and entered Chinese market four months later. It has eight locations in Beijing, Shanghai and Hong Kong, and another three news one will open soon.

It said the investment will enable WeWork China to increase its current footprint in Beijing, Shanghai and Hong Kong and expand its operations into three to four new cities next year. WeWork China will also continue to build its local team and attract new talents to join and help it facilitate the expansion.

By the end of 2017, WeWork is expected to have about 15,000 members in China, ranging from creators, entrepreneurs, small and medium businesses to large multinational enterprises.