atans1

ST’s BS about WeWorks Cont’d

In Media, Property on 24/10/2019 at 5:39 am

In ST’s BS about WeWorks, recently, I grumbled about ST’s gushing coverage of WeWorks expanding in S’pore while it was facing financial meltdown.

Looks like it’ll close shop here after Softbank’s bail-out:

WeWork is also looking to prioritise three markets — the US, Europe and Japan — and will pull back from other regions including China, India and much of Latin America. It has already begun looking at building closures in parts of its portfolio including in China and other regions.

FT

Morocco Mole (Secret Squirrel’s sidekick), tells me that his cousin, twice removed, working in a leading real estate broker, tells me the landlords that leased space to WeWorks are drowning their sorrows in beer, bracing themselves for terminations. Damages are meaningless because there’s no money to pay them: non recourse to WeWorks.

Time to cut down its newsroom further, SPH?

  1. Most investors & people in commercial leasing industry have known for about a couple of months now. Anyway, they’ll eat the security deposits & many would have been busy the last few weeks marketing & negotiating with other potential tenants.

    Wework will likely not last thru the next 2 years or the next recession, whichever comes first.

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