Money News

SoftBank Corp CEO says WeWork Japan can become profitable 'in near future'

SoftBank Corp. President and CEO Ken Miyauchi attends a ceremony to mark the company's debut on the Tokyo Stock Exchange in Tokyo, Japan December 19, 2018. REUTERS/Issei Kato/Files

TOKYO (Reuters) - SoftBank Corp 9484.T CEO Ken Miyauchi said on Tuesday WeWork's Japanese business can become profitable "in the near future".

WeWork Japan, a joint venture between the office-space sharing startup, telco SoftBank Corp and its parent SoftBank Group Corp 9984.T, is growing well with high occupancy rates, executives said at a news conference.

SoftBank Group was forced to bail out U.S-based WeWork after its IPO attempt flopped and is leading a restructuring at the money-losing firm.

Reporting by Sam Nussey; Editing by Himani Sarkar