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Kr Space Ends Operations In Hong Kong

China-based coworking company Kr Space has closed its coworking location in Hong Kong Times Square that opened in April of this year, officially ending its operations in the city.

A Kr Space spokesperson explained that the company failed to meet its goal of freeing up cash flow and to become profitable by the end of 2020. 

The operator’s asset-heavy model, long-term leases and high interior design costs weighed down its operations. Still, the firm hopes to find opportunities elsewhere in the city.“We will shift to an asset-light model,” said the spokesperson. “For example, we’d like to cooperate with landlords.”

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based out of Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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