WKCDA deficit widens to $998 million

The West Kowloon Cultural District Authority (WKCDA) on Tuesday said it had recorded a wider than expected deficit of HK$998 million for the 2025/26 financial year, mainly due to preparatory work for the WestK Performing Arts Centre. This represented an increase of about HK$229 million – or nearly 30 percent – in its deficit compared to the previous year. The WKCDA said it recorded higher operating expenses due to preparatory work over the past year for the soon-to-be-opened performing arts centre, the need to cope with an expanded scope of business and rising number of visitors, and the cost of upgrading its facility management and digital applications. Despite an increase in expenses, the authority said revenues jumped to HK$768 million from HK$645 million in the previous year, with the overall cost recovery rate rising from 37 percent to 40 percent. The authority said the cultural district was currently going through a financial transition, and it was actively pushing forward its residential and commercial development projects. The authority added that it had made progress in advancing its financing strategy in 2025/26 to broaden its funding sources and ease short- to medium-term cash flow pressures. Edited by Tony Sabine

2026-10-06 17:07:00