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Companies in Singapore and other major Asian cities are increasingly looking to downsize their offices or even get rid of them altogether.   © Reuters
Business Spotlight

Telework boom weighs on Asia's fast-growing office market

Companies seek alternatives to fancy workplaces as economy cools

NIKKI SUN, Nikkei staff writer | Hong Kong

HONG KONG -- In late May Ray Chan, founder of social media platform 9GAG, made a surprising announcement: His company was ditching its stylish, 7,000-sq.-foot office in Hong Kong and embracing remote working for good.

The move would save the company some 200,000 Hong Kong dollars ($25,000) in rent every month and, Chan reasoned, the coronavirus pandemic had proved that his employees work just as effectively from home.

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