What’s going on:
WeWork Greater China, a firm that WeWork Global holds a minority stake in, is reportedly considering an expansion of its coworking spaces in Hong Kong, according to South China Morning Post. Reportedly, the Shanghai-based firm is driven by an increase in demand from mainland Chinese companies that hope to use Hong Kong as their first move into the international business landscape. There is also a growing interest in coworking spaces within the city by Web3 and crypto firms.
The news follows after WeWork Greater China reduced its properties in the city by half during the COVID-19 pandemic.
Why it matters:
The potential expansion highlights the growing demand for coworking spaces in China. The reopening of the mainland border will likely boost cross-border business activities in the country and further drive the need for flexible coworking spaces.
How it’ll impact the future:
The increased presence of WeWork in Hong Kong may encourage more companies, especially those in the tech and crypto sectors, to establish or expand their operations in Hong Kong. This could lead to more professionals from a number of industries collaborating and sharing ideas within these coworking spaces. As WeWork faces challenges in the United States, the company could benefit from the Chinese market’s demand for coworking spaces.
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The expansion of WeWork’s coworking spaces in Hong Kong may contribute to a larger trend of flexible and remote work arrangements becoming more popular and accepted among larger employers like Amazon.
