Ucommune International Ltd. (NASDAQ:UK) (“Ucommune” or the “Company”), a leading agile office space manager and provider in China, today announced that its Changchun Water Cultural Park Project (the “Project”) achieved a 99.38% occupancy rate as of June, 2021. The project is located at the Changchun Culture of Water Ecology Park, which was constructed on the industrial heritage site of the Changchun Water Treatment Plant. The park was nominated for the “Best Urban Regeneration Project” award at the 2019 MIPIM Awards, an internationally-renowned real estate competition. Ucommune’s establishment in this park furthers the Company’s asset-light strategy while promoting Changchun’s economic and commercial development.
Since the Project’s launch in July 2019, Changchun Water Cultural Park achieved an occupancy rate of 92.5% in November, 2019. Over the past two years, the Project’s occupancy rate has consistently remained above 95%. Ucommune has proven to be a valuable partner for the property owner, Changchun Jiuyou Ventures Service Ltd. The Company’s value proposition and reputation have attracted additional cooperation opportunities in the region. The Company is currently in negotiation for several additional projects, including the Changchun Satellite Plaza Project and Changchun Shuangchuang Base Project.
With its potent brand influence and operational expertise, Ucommune fosters an increasingly prosperous business environment across Changchun City and Jilin province. The Company’s asset-light model serves as an example for how other large-scale industrial zones can bring a modern workforce to this city. Two years since its launch, Ucommune’s Changchun Water Cultural Park project has successfully expanded Changchun’s local community. Currently, two other Ucommune Project agreements have been signed in Changchun.
Yamin Hong, manager of Changchun Jiuyou Entrepreneurship Service Ltd., commented, “By partnering with Ucommune, we have found the key to integrating our business resources and providing value to each participant in the ecosystem. The Project serves as a reception site for the Chang Chun Ministry of Industry and Information Technology, Nan Guan District government, and Nan Guan Technology Bureau. Recognized as a startup incubator by the Ministry of Industry and Information Technology, the Project has helped to advance the development of other areas of business for our Company.”
Mao Daqing, founder of Ucommune, commented, “The Project is part of our commitment to our mission of providing a new style of work space through urban renewal. The renovation and reconstruction of the old buildings not only improves the efficiency and economics of the site but also delivers additional value and innovation for the work space in Changchun. The Project combines the unique geographical conditions of the Water Culture Park with standardized operations to create a green, ecological, and flexible office space for a truly productive environment.”