TSMP Law Corporation Head of Corporate Real Estate Jennifer Chia was asked to comment in a Business Times story published on 24 April 2020 on WeWork Singapore’s troubles after potential investor SoftBank pulled out its tender offer.
“We’ve heard that the bulk of WeWork’s current troubles are in China and the US, and that their Singaporean properties were, until Covid-19, profitable. But the pandemic has changed everything,” she said.
“Certainly, even if it is not looking for a buyer, it may have no choice but to re-think the timing and scale of its expansion projects in Singapore. For example, will its master lease of the HSBC building proceed as planned?”
She reckons that likely saviours could be private equity funds from markets such as Hong Kong, China and the US.