Land in West Kowloon to be sold in two to three batches, says CEO Betty Fung

The residential property developments in the West Kowloon Cultural District will be sold gradually in two to three batches a few years later, said CEO Betty Fung Ching Suk-yee, who remains optimistic about the city’s future economic outlook and property market. 

The government announced on Wednesday it had allowed the district to sell about 170,000 square meters of residential development land as the revenue is expect to support the district’s operations for another decade. 

According to a LegCo document, the net cash balance of the district stood at HK$5.2 billion as of March and it is expected to be exhausted by mid-2025. 

Speaking on an RTHK program on Thursday, Fung said the district will take reference from the development mode of the MTR Corp and cooperate with private developers. 

She also believes following the integration into the Greater Bay Area and the 14th Five-Year National Planning, Hong Kong’s economy will be better and the property market will revive, saying that many people from the real estate sector speak highly of the land in the area. 

Fung denied that the district has future plans to sell property rights of land plots designated for hotels and offices to boost incomes and said the district should possess certain properties in a diverse development blueprint. 

She didn’t rule out the possibility of setting up seed funding for investments as well. 

Fung pointed out that the opening hours of the museums won’t be shortened now that the issue of the capital chain has been resolved. The ticket prices will be reviewed on an annual basis and the rents of the arts and exhibition revenues will be adjusted according to the organization’s affordability. 

The most important thing is that these coming 10 years can provide some space for the district to make long-term plans and open more sources of income through developing arts and cultural products, she added. 

On a separate radio program, Fung said the government-approved relaxation helps the district tackle its liquidity problem without burdening the treasury. She also said the district will continue to settle future operation costs and expenses via financing.