WKCDA deficit widens to HK$998 million

The West Kowloon Cultural District Authority (WKCDA) disclosed on Tuesday that its deficit for the 2025/26 financial year had widened to HK$998 million. This marked a significant increase of around HK$229 million, or nearly 30 percent, compared to the previous year's deficit. The rise in expenses was primarily attributed to preparatory work for the upcoming WestK Performing Arts Centre, the need to handle a larger business scope and visitor influx, and the cost of enhancing facility management and digital applications.

Despite the increased expenses, the WKCDA reported that its revenues jumped to HK$768 million from HK$645 million in the previous year. This resulted in an overall cost recovery rate rising from 37 percent to 40 percent. The authority highlighted that the cultural district is currently undergoing a financial transition. In response, it is actively advancing residential and commercial development projects.

Moreover, the WKCDA stated that it has made progress in refining its financing strategy for the 2025/26 financial year. This strategy aims to diversify funding sources and alleviate short- to medium-term cash flow pressures.