W Kowloon losses a time-lag problem: Bernard Chan
Heavy losses incurred by the West Kowloon Cultural District Authority are the result of a "time-lag problem" that ensues when cultural venues have opened but the commercial developments meant to support them have not yet been built, its chairman said. Speaking on RTHK's On Broadcast Drive programme, Bernard Chan said the district already has two museums and two performance venues up and running…
The West Kowloon Cultural District Authority is struggling financially due to a time-lag problem, according to its chairman Bernard Chan. Chan explained that while the district has already established two museums and two performance venues, the revenue generated from ticket sales, venue rentals, and dining is insufficient to cover the costs.
He emphasized that no cultural facility worldwide can sustain itself solely through these sources of income. Chan pointed out that many cities receive subsidies, often in the form of tax breaks, which attract funds and companies looking to reduce their tax burden. In Europe, subsidies primarily come from government sources. The commercial aspects of the development are just beginning, with some projects set to open next year and others taking several years.
Despite these losses, Chan is committed to transforming West Kowloon into a thriving cultural and commercial hub. He stressed that artistic endeavors require financial support to remain sustainable, and these two aspects must coexist. Chan highlighted that Hong Kong's deepening involvement in cultural exchanges with the rest of the world, as supported by the national 15th Five-Year Plan, is a unique advantage.
This connection enables the city to present Chinese culture in a way that appeals to international audiences, including overseas visitors, making the city a distinctive cultural destination.
Written by urgent.news from RTHK News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
