Hong Kong's West Kowloon Land Parcels Sale

The West Kowloon Cultural District in Hong Kong plans to sell land parcels for residential development in two to three batches, aiming to capitalize on the recovery of the property market without requiring additional government funding. The district's authority, facing financial challenges, has received approval to sell residential property rights to generate revenue supporting operations for the next decade under a relaxed arrangement that no longer mandates the 'Build, Operate and Transfer' model. The shift in financing model aims to ensure the arts hub's financial sustainability while incorporating art elements and public spaces in future residential developments, generating potential revenue of HK$15 billion. The change in development strategy, approved by the Executive Council, is seen as a step towards self-sufficiency and financial stability without burdening taxpayers, with plans to enhance revenue sources and carefully manage costs for long-term viability.