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.
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The operatorโs 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.โWe will shift to an asset-light model,โ said the spokesperson. โFor example, weโd like to cooperate with landlords.โ
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