WeWork launches deposit waiver by tying up with Sesame Credit

WeWork, an international co-working space operator, is teaming up with Sesame Credit (Zhima Credit), the third-party credit scoring unit under Ant Financial, to provide a deposit waiver that could be used to cut the operating costs for eligible enterprise clients at its China network, the US-based company said today.

The initiative, touted as the first of its kind offered globally, will be available at all of its locations in Beijing, Shanghai and Hong Kong, according to Alan Ai, general manager of WeWork's China operation.

The newly launched initiative, aimed at reducing enterprises' operating costs, will allow those with a credit score above 1,350 points with Sesame Credit to enjoy benefits that might include a 50-percent cut or a maximum waiver of 100,000 yuan (US$15,780) in deposit when they lease WeWork spaces.

"First entering the China market in 2016, WeWork has been expanding its presence vigorously here and its operating portfolio currently stands at 13 locations spanning Beijing, Shanghai and Hong Kong," Ai said. "We are tapping more cities including Shenzhen, Guangzhou, Chengdu, Wuhan, Nanjing, Hangzhou, Suzhou and Xi'an where demand for co-working space remains robust."