Chinese apartment rental start - ups owned by Phoenix Tree Holdings and Q&K International ( Qingke ) are seeking IPOs . Both companies , which have a business model similar to WeWork , have offices in the US and are expected to raise $ 100 m . But despite rapid expansion, Phoenix Tree's cash would run out in less than nine months, while Qingke would last less than a year without raising new funds, their financials suggest. Both companies also have mounting losses and their financials suggest they will run out of cash in less than a year .
Chinese apartment rental start - ups owned by Phoenix Tree Holdings and Q&K International ( Qingke ) are seeking IPOs . Both companies , which have a business model similar to WeWork , have offices in the US and are expected to raise $ 100 m . Both companies also have mounting losses and their financials suggest they will run out of cash in less than a year .