WeWroks’ space in Wan Chai. Photo: SCMP/Handout
WeWork is said to consider giving up some of the office floors in half a dozen Hong Kong locations as it pulls back its operations
- WeWork may surrender a portion of a recently signed lease in Wan Chai according to people familiar with the matter
- The firm leased four floors, or around 60,000 square feet, for nine years in the Hopewell Centre in August
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WeWork
WeWroks’ space in Wan Chai. Photo: SCMP/Handout
Will WeWork’s woes affect Hong Kong’s overbuilt co-working sector?
- WeWork’s rapid expansion in Hong Kong does not mask the fact that the company, which received a US$9.5 billion lifeline from SoftBank, is yet to post a profit
- Market observers believe the current business model is not sustainable and the industry will see consolidation in the next 12 to 24 months
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WeWork