WeWork puts Hong Kong space expansion plan on hold

U.S. 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. WeWork was not immediately available to comment. WeWork is currently in seven locations in Hong Kong, and it is planning to open two more this year. Co-working space operators in mainland China are shifting their focus from expansion plans to services such as customising offices for clients, as rising vacancy rates and tighter financing slow their exponential growth of the past two years.