In July 2017, after an investment round the valuation of the company reached $20 billion.[29] Later that month, it was announced that WeWork would expand heavily into China, with US$500 million invested by SoftBank, Hony Capital[30] and other lenders to form a standalone entity called WeWork China.[31] In September 2017, WeWork expanded into Southeast Asia via the acquisition of Singapore-based SpaceMob, and it set aside a budget of $500 million to grow in Southeast Asia.[32] The firm's top competitor in China is Ucommune, which is currently valued at $1.8 billion, making it the only Chinese unicorn in the co-working space.[33]