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Posts Tagged ‘WeWorks’

HOHOHO: Temasek invested in WeWorks’ flea ridden dog

In China, Media, Temasek on 26/10/2019 at 4:10 am

In July 2018, the FT reported that SoftBank, its Saudi-backed Vision Fund, private equity firms Trustbridge Partners and Hony Capital, and our very own Temasek invested in a WeWork subsidiary in China. It was valued at US$5bn.

A year before, after Softbank and Hony put $ into it, it was worth US$1bn.

Great investment that naturally TOC’s M’sian Indian goons never reported. To be fair neither did other alt media publications. I think our constructive, nation-building trumpeted this investment.

Now?

China has emerged as one of WeWork’s worst performing markets as a local operation once seen as critical to the office provider’s global growth suffers from ultra-low occupancy rates and is “bleeding cash”, said people with direct knowledge of the business.

FT

What “ultra-low occupancy rates” mean. FT reported: WeWork locations in October in

Shanghai had a vacancy rate of 35.7% in October,

Shenzhen 65.3% (in Hong Kong only 22.1%  vacant) and

Xi’an, had a vacancy rate of 78.5%.

As reported in ST’s BS about WeWorks Cont’d, WeWorks is exiting China.

Wonder if our constructive, nation-building media will report this fiasco? It trumpeted its success last year.

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?

ST’s BS about WeWorks

In Property on 11/10/2019 at 5:30 pm

WeWork to expand to 12 locations in Singapore by year end despite global woes 

ST’s headline screamed today.

The constructive, nation-building ST went on

Co-working space operator WeWork has launched a new space in the Central Business District (CBD) and will add two more locations here in Singapore by the end of the year.

It will have a total of 12 locations in Singapore by this December, which will mark its two-year anniversary in the Republic.

Well FT juz reported

Two people briefed on the fundraising efforts said the office company’s cash crunch was so acute that it had to raise new financing no later than the end of November.

FT says JPMorgan is trying to complete an emergency debt financing package as soon as next week to buy time to restructure after the failed IPO.

Goldman Sachs who is an investor, IPO adviser (like JPMorgan) and customer, is sitting on its hands as JPMorgan tries to get other major banks to also lend money to WeWorks.

It had been tot “current funding arrangements might only carry it through another four to eight quarters unless it rapidly reduced the rate at which it has been burning cash.” LOL.