WeWork sells control of China business to private equity firm

WeWork has sold a majority stake in its China business to a private-equity firm in the troubled office-sharing startupࢀ™s latest effort to cut costs. The deal announced Thursday will hand control of the unit to Trustbridge Partners, which led a new $200 million investment for WeWork China. Trustbridge operating partner Michael Jiang will lead the unit as acting CEO, WeWork said. WeWork will keep a minority stake in the Chinese business and collect an annual fee for the WeWork brand, the company said . ࢀœHaving watched the execution of WeWork in Greater China over the past few years, and the…