WeWork pulls out of talks to take on more Hong Kong space

US shared workspace group WeWork has pulled out of at least five negotiations to take on new space in Hong Kong this year, sources said, highlighting a cooling down of the co-working industry because of financing constraints.[HONG KONG] US shared workspace group WeWork has pulled out of at least five negotiations to take on new space in Hong Kong this year, sources said, highlighting a cooling down of the co-working industry because of financing constraints.

Two sources with direct knowledge of the matter said WeWork in Hong Kong pulled out of talks on most of the space it had planned to secure after failing to get budget approval.Separately, real estate group Savills said in a release on Wednesday a major Chinese co-working space group, KR Space, had pulled out of three leasing deals in Hong Kong with a total floor area of 160,000 square feet, all in prime business locations.

Commenting on the general co-working space market, Savills head of office leasing Ricky Lau said too many were entering the market too quickly.In January, Japan's SoftBank boosted its stake in WeWork by US$2 billion but this was billions of dollars below what the co-working space provider had hoped to raise to fund growth.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hong Kong overtakes Japan as world's third largest stock marketHong Kong's market cap was US$5.78 trillion as of Tuesday, the latest available data show, compared with US$5.76 trillion for Japan.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Hong Kong: Stocks end sharply lower[HONG KONG] Hong Kong stocks and mainland stocks tumbled Thursday as investors took a step back from a recent rally, brushing off a healthy batch of inflation data out of China. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Hong Kong: Stocks close up[HONG KONG] Hong Kong stocks pared earlier losses to close higher Friday, with investors preparing for the start of the corporate earnings season which is set to get underway in the United States. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Hong Kong: Stocks edge down at open[HONG KONG] Hong Kong stocks opened slightly lower on Friday following a negative lead from Wall Street, while investors await the release of Chinese trade data later in the day. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Carousell eyes Hong Kong, Philippines for revenue growthONLINE marketplace Carousell is looking to grow its top line in two of its overseas markets, the Philippines and Hong Kong. This will complement the seven-year-old startup's increased efforts to monetise its platform in Singapore over the past year. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Hong Kong: Stocks open lower[HONG KONG] Hong Kong stocks kicked off Thursday with a slight loss following a negative lead from Wall Street, while investors wind down for the long Easter break. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »