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WeWork has pulled out of five negotiations to take over new office space in Hong Kong, a shift away from the company’s typically aggressive expansion model.
Sources said that the company backed away from the spaces after failing to get budget approval.
This cooldown may indicate WeWork’s financial restraints, particularly after it failed to lock in a $16 billion investment from long-time backer SoftBank.
The company currently has seven Hong Kong locations, with two more expected to open this year.
