Changing fortunes and US$10 billion losses are all in a day’s work for SoftBank CEO Masayoshi Son – but is the Japanese mega-investor with a US$21 billion fortune falling on harder times since the pandemic hit?

The Executive Centre (TEC) is banking on the future business hub to fuel its expansion even as Colliers sees shared office operators giving up vast swathes of space amid the Covid-19 pandemic.

The world’s largest operator of serviced offices is taking floors 31 and 32 of Hysan Place which were abandoned by WeWork in April amid dwindling demand.

WeWork, the US operator of shared work spaces, has given up 182,000 sq ft in Causeway Bay and Tsim Sha Tsui, two of Hong Kong’s prime office districts, according to agents familiar with the matter.

WeWork had planned to open in Causeway Bay, Tsim Sha Tsui and Kowloon Bay last year, but these have been delayed as it prioritises safety of its operations globally.

Beijing-based Kr Space confirms that it was handing over the space back to Wharf Real Estate Investment Company and was in talks with the landlord on compensation for breaking the lease.

WeWork is slashing almost 20 per cent of its workforce in a restructuring of its money-losing operation after a doomed global stock offering.

The potential retreat comes after WeWork said just last week it plans to expand its footprint in Hong Kong and open four new locations this quarter. Some of those are among the spaces it is now looking to vacate.

Market observers believe the flexible office market is here to stay, but it is due for a shake-up and see new business models emerging.

The Israeli-born businessman whose wife, Rebekah, is actor Gwyneth Paltrow’s cousin, has been scrutinised for his lavish spending, excessive partying and dodgy work ethic

Founder Adam Neumann will now leave the company’s board as part of the package, who will still get US$1.2 billion in WeWork stock