Ucommune International Ltd. signed a cooperation agreement with Zhuhai Gree Real Estate Co. Ltd. By repositioning, designing and upgrading the space, Ucommune and Zhuhai Gree Real Estate Co. Ltd. will leverage their strategic advantages and resources to jointly create a benchmark project of coworking.

As per the agreement, the cooperation period will last from October 1, 2022 to December 31, 2027 with renovation period starting from October 1, 2022 to December 31, 2022. The facility will begin operating on January 1, 2023. Seated in the core gateway area of the Guangdong-Hong Kong-Macao Greater Bay Area, the Project is reachable within 5 kilometers to multiple transportation hubs in the city including Gongbei Port, Hong Kong-Zhuhai-Macao Bridge, and Jiuzhou Port.

With a construction area of approximately 1,970 square meters, the Project is expected to become a landmark in Xiangzhou area combining technological innovation, financial services, and modern headquarters and corporate offices. Ucommune believes this Project will contribute to the high-quality development of Zhuhai's "industry first" strategy, and become a benchmark coworking space that can radiate to the Guangdong-Hong Kong-Macao Greater Bay Area. The Company plans to build the Project with 5A office building standard to cater to the various needs of enterprises.

The Project expects to complete the overall upgrade and refurbishment in the first quarter of 2023, creating a new service model integrating industry capacity and coworking ecosystem with a spatially design highlighting the linkage between the administrative working area and the supply chain facility deployed for new industries and related enterprises introduced by Zhuhai's "industry first" strategy. Operational facilities and communications space will be provided to the enterprises settled in the Project, including administrative offices, corporate display billboards, business negotiation area, etc. By participating in the Project, settled enterprises will have access to common corporate services such as human resources, advertising and corporate publicity, legal services, and IT solution, which in all will lower the enterprise's operational costs and enable them to grow rapidly in Zhuhai.

Upon implementation, the Project can accommodate more than 60 startups simultaneously. As a subsidiary of Gree Group, Zhuhai Gree Real Estate Co. Ltd. has developed its strengths in asset operations, property management, urban services, and park facilities management.

Ucommune and Zhuhai Gree Real Estate Co. Ltd. intend to jointly build a digital intelligent platform to complete closed-loop of property management ecosystem from offline to online, connecting physical community to digital system to improve the overall project operation efficiency. A café and food court will also be deployed in this Project, aiming for the simultaneous development of several business models.

The Project will, in the future, collaborate with the three major strategic regions of the Guangdong-Hong Kong-Macao Greater Bay Area, namely Shenzhen Qianhai, Guangzhou Nansha, and Zhuhai Hengqin, and leverage brand value and digital resources to enable high-standard, multidimensional, and high-quality operational services.