WeWork withdrew its IPO plan in September, and it got rid of Chief Executive Officer Adam Neumann shortly after. WeWork's major investor, SoftBank, has now taken control. There is some contention between Chinese companies and the American government, and a bill was recently introduced in Congress that would delist companies for not opening their books to U.S. regulators. The bill also asks that all Chinese Communist party officials on the board of a company be identified. Ucommune has been successful, and it was reportedly looking for a $200 million U.S. IPO. The coworking space company is supported by Beijing Xinpai Group, and it has a partnership with RK Properties. Vacancy rates across 17 cities in China stand at 21.5 percent. "China's co-working space has seen a great expansion over the last three to five years, but the barriers to entry are low and it's a hard space to be in," said James MacDonald, director of China Research at Savills Property Services.