Chinese co-working operator Kr Space gives up Times Square facility, retreats from Hong Kong
- Beijing-based Kr Space confirms that it was handing over the space back to Wharf Real Estate Investment Company and was in talks with the landlord on compensation for breaking the lease
Kr Space is shutting down its last co-working facility in Hong Kong, ending its ill-fated expansion in the city.
The Chinese company, a spin-off of technology platform 36kr.com, confirmed that it had decided to close its 34,000 square feet flexible office centre spread over two floors in Times Square, in the protest-hit district of Causeway Bay, just over a half a year after opening in April.
“Despite our efforts, Causeway Bay centre’s business did not meet our targets of freeing up cash flow and making a profit by the end of this year, so we decided to close it,” said a Kr Space spokeswoman.
“We are in talks with the landlord about the exact date to terminate the lease and the compensation due to the early surrender,” she said, adding that the company was hoping to keep the loss to a minimum for both sides.
Wharf Real Estate Investment Company, which owns Time Square, did not comment on Kr Space’s decision to terminate the lease. The two companies also declined to provide details about the terms of the lease.
When a Post reporter visited Kr Space on the 34th floor in Times Square on Friday morning, it was quiet, with two employees manning the reception desk and one in the bar area.
