Atlas, a co-working aggregator based out of Guangzhou and backed by Goldman Sachs has recently announced that it has ended a new financing round, bring the firm up to HK$6.8 billion ($871 million) by the end of the investment.
The flexible workplace provider founded by Chen Sze Long, the son of Agile Property chairman Chen Zhuolin, didn’t disclose the amount of money raised in the latest round, which was led by Guangzhou R&F Properties chairman and co-founder Li Sze Lim alongside mainland builders Star River and Times China, according to a statement by the company.
Atlas, which has opened 11 locations in major cities in mainland China as well as Hong Kong since being founded 16 months ago, said the A2 financing round will provide it with the resources necessary to establish a footprint surpassing five million square feet (464,515 square meters) of gross floor area by the end of the first half of next year.
Like the elder Chen’s Hong Kong-listed property firm, and Li Sze Lim’s R&F, the latest investors in Atlas, Star River Group and Times China Group, are both Guangdong-based real estate developers.
Hong Kong-listed Times China was the mainland’s 34th largest property firm in terms of sales in the first half of 2018, while Star River ranked 87th in sales over the same period. Atlas said the investment from the real estate companies would provide it with new resources and support its future development.
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