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Written by: McCain
2021-04-28 14:18
Last update date: 2021-04-28 14:18
The West Kowloon Cultural District Authority today (28th) submitted the latest financial status document to the Legislative Council.
The document shows that the government's lump-sum allocation of 21.6 billion yuan to West Kowloon in 2008, together with investment returns, left only 7.9 billion yuan at the end of the fiscal year last year.
In addition, the Authority will launch the first "Build, Operate and Transfer" commercial project in Zone 3B next year with the Development Bureau. The total gross floor area is about 700,000 square feet. It is expected to invite tenders in the second half of this year and complete it in 2024.
The West Kowloon Cultural District received a one-off grant of 21.6 billion yuan approved by the Finance Committee of the Legislative Council in July 2008.
(Photo/Photo by Luo Guohui)
According to the latest financial status document submitted by the West Kowloon Cultural Administration to the Legislative Council, a lump-sum allocation of 21.6 billion yuan approved by the Finance Committee of the Legislative Council in July 2008, as of the end of last year’s financial year, together with a cumulative investment return of 7.8 billion After deducting capital projects, museum collections and related expenses, and operating expenses totaling 21.5 billion yuan, the lump-sum appropriation balance is 7.9 billion yuan.
▼West Kowloon M+ Museum opens at the end of the year▼
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M+ museum expenditure is 1 billion yuan and another 100 million yuan will be used in the next 3 years
Of the 21.6 billion lump-sum allocation, 1.7 billion was allocated to purchase M+ collections, prepare exhibitions, set up libraries, and purchase collection restoration studio equipment.
As of last year, the expenditure for preparing for the opening of the M+ Museum was 1 billion yuan, and it is estimated that 100 million yuan will be spent in the next three years.
M+ has so far received donated artworks worth about 14.3 yuan.
▼Tang Ying, Chairman of the Board of Directors of the West Kowloon Cultural District Administration Bureau, met with reporters on March 29th ▼
Last fiscal year operating deficit reached 491 million yuan
Last year’s operating expenditure was 901 million yuan, a decrease of 32% from the original estimate of 1.33 billion yuan, or more than 400 million yuan.
As for operating income, it increased by 19% from the estimated 346 million yuan, reaching 410 million yuan.
Due to the improvement in operating performance, the final operating deficit before depreciation and interest expenditures last year narrowed by 50% to 491 million yuan from the initial estimate of 987 million yuan.
The West Kowloon Cultural District Authority believes that its operating results will also improve this year. Operating revenue will be raised from 364 million yuan to 548 million yuan, and expenditure will be lowered from 1.734 billion yuan to 1.643 billion yuan.
Remain optimistic about the market response in the post-epidemic period
As for the first project that the Authority has cooperated with the developer under the "build, operate and transfer" model, the total floor area is about 65,000 square meters. The commercial project of the Art Plaza Building in Zone 3B is expected to be tendered in the second half of this year. Completed in the year.
However, even if there are still uncertainties in the market in the post-epidemic period, the Administration remains cautiously optimistic about the market response to the tender.
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West Kowloon Cultural District Legislative Council