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West Kowloon arts hub to tender residential site to fund operations
Experts warn that proceeds from land sales could only offer temporary relief as the arts hub faces a widening operating deficit.
Hong Kong’s West Kowloon Cultural District is planning to lean on property development to ease financial pressures, with the West Kowloon Cultural District Authority preparing to tender a prime residential site in the first half of next year. SCMP Economy reports that the authority expects land sales to help address a widening operating deficit at the arts hub.
Property experts said the site’s location could draw major developers, citing its harbor views and prime positioning. Norry Lee, a senior director at property consultancy JLL, said the development is likely to appeal to larger flats aimed at wealthier buyers.
Lee added that sea-view homes should generate demand, and he suggested the project’s scale and location make it attractive to big developers. The experts’ broader warning is that land sales would not replace a sustainable long-term funding model for the arts hub.