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China's Kr Space enters Hong Kong to kick-start plans to be at par with WeWork

Chinese co-working space operator Kr Space has jump-started its overseas expansion plans with a 10-year lease at Chinachem Group Co. Ltd.'s One Hennessy building in Hong Kong, the first of a portfolio it hopes to grow in the city, the South China Morning Post reported.

Sean Qian, Kr Space vice president, said in the May 22 report that the move supports the Beijing-based startup's goal to become an international co-working space operator that can be on the same level as WeWork Cos. within two to three years.

Kr Space will occupy 83,000 square feet at the 21-story office building in Wan Chai, the publication noted. One Hennessy sits on a 1,950.963-square-meter site and will have a gross floor area of 34,755.27 square meters. It is set to open in 2019, following the expected 2018 fourth-quarter completion of a HK$1.68 billion refurbishment.