The new financial arrangement for the West Kowloon Cultural District Authority, announced in the 2017 Policy Address, will provide sustained funding for the construction and operation of its facilities.
Elaborating on the policies outlined in the address in a press conference today, Permanent Secretary for Home Affairs Betty Fung said the authority is facing financial difficulties for the development of the third batch of art and cultural facilities due to rising construction costs.
The decision to provide the authority with an enhanced financial arrangement, by granting it the government-owned development rights of the hotel, office and residential portion of the hub, will strengthen the authority’s ability to get bank loans.
Secretary for Home Affairs Lau Kong-wah said the enhanced financial arrangement shows the Government’s intention to promote cultural and creative industries.
On the comprehensive redevelopment of Wan Chai Sports Ground, Mr Lau said many new sports facilities have been completed in recent years and will satisfy public need during the works period.