BEIJING, December 7, 2021 / PRNewswire / – Ucommune International Ltd. (NASDAQ: UK) (“Ucommune” or the “Company”), one of the leading managers and providers of agile office space in China, today announced that the Company will develop another coworking project. The project is located in Datong, Shanxi Province and will have 1,500 workstations in a managed area of 30,688 square meters.
The “Datong Young Entrepreneurs Village – Ucommune” coworking project (the “Project”) is one of Ucommune’s flagship projects as part of its asset light business model. The Company will provide a wide range of managed services to its owner partner, including design, decoration, marketing, intelligent management systems, community events and value added services for tenants. Ucommune’s standardized operating model will allow its owner partner to make better use of its unused land assets, freeing up and generating greater value. The project is currently under construction and is expected to be completed in April 2022, entering service on June 1, 2022. Each of the six floors of the building has its own specially designed functional orientation.
Ucommune has made steady progress in developing its light asset business model and has expanded its presence in the majority of level one and level two cities by China. As of September 30, 2021, the total number of spaces contracted by the Ucommune as part of its asset-light model had increased to 165 spaces in 54 cities, while the total surface area managed under contract for the asset-light model reached 502,000 square meters.
The Ucommune’s “City Partner Program” is part of its initiative to explore opportunities in level three and four cities that have strong commercial potential. The program connects the company with potential partners and was launched on June 4, 2020. To date, the Ucommune has concluded cooperation agreements with six Partner Cities in Shenyang, Quanzhou, Sanya, Zhengjiang, Datong and Nanchang.
Mr. Chen Haichao, municipal partner of Ucommune in Datong and sponsor of the project, commented, “Ucommune’s national notoriety and its large-scale operations have laid a solid foundation for our cooperation. By leveraging Ucommune’s capabilities and experience in the operation and management of workspaces, we are confident that we will quickly develop this project into a benchmark co-working space in Datong and provide services. standardized and premium to local start-ups. “
Ucommune founder Dr Daqing Mao said, “We remain committed to seeking large-scale projects through various channels, including the City Partner program, to stimulate the continued development of our business. This project marks the 14th of our managed area contract projects of over 10,000 square meters. We will continue to leverage our experience in operating and managing large-scale projects to unlock the value of existing workspaces through our lean business model.
About Ucommune International Ltd.
Ucommune is the leading manager and supplier of agile office space in China. Founded in 2015, Ucommune has created a large-scale smart and intelligent office ecosystem spanning economically dynamic regions across China to provide its members with flexible and cost-effective office space solutions. Ucommune’s various offline agile office space services include stand-alone models, such as U Space, U Studio, and U Design, as well as lightweight asset models, such as U Brand and U Partner. Using its expertise in the real estate and retail sectors, Ucommune operates its agile office spaces with high efficiency and engages in the urban transformation of old and underused buildings to redefine commercial real estate. in China.
Safe Harbor declarations
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Ucommune International Ltd.
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SOURCE Ucommune International Ltd.
