Skyworth dips into co-working space market

Chinese television maker Skyworth Group is tapping into the co-working space market as it aims to take advantage of its own strengths to help small and medium-sized enterprises grow faster.

The Shenzhen-based company launched a co-working space, named Skywork, in Shenzhen earlier this week.

"As an enterprise with over 30 years of experience in the real economy, the biggest advantage for us in the co-working space market is we have deeper understanding of the needs of SMEs in different development stages and can cater to their demands better," said Dang Yali, general manager of Skyworth Group Technology Park Management Co Ltd, which operates the facility.

"We have introduced a 'one plus four' model to grow together with enterprises that settle in our co-working space. With the settled enterprises as the core of the model, we help them connect with the government, organizations, enterprises and Skyworth's cooperative platforms to form a strong ecosystem for them to develop."

The co-working space market in Shenzhen has seen rapid growth in Shenzhen, a city with the highest density of SMEs across the country, over recent years. Because of their flexibility and affordability, more and more SMEs choose to settle there.

According to a report by international real estate services provider Cushman & Wakefield, the number of co-working space brands in Shenzhen increased by nearly 50 from the start of 2018 to the end of 2020.

Jiang Binghe, executive deputy general manager of Cushman & Wakefield South China region, said the co-working space industry suffered a big loss last year due to the COVID-19 pandemic. As SMEs struggled to survive, demand for offices cratered.

But as SMEs are now undergoing a process of recovery in the post-pandemic era, they need to reduce their operating costs. Co-working spaces, with their relatively low prices, are expected to become a good choice for them, he said.