West Kowloon Arts hub funding rises to HK$23b
The West Kowloon arts hub’s endowment fund has increased HK$1.4 billion to HK$23 billion, and 80 people were hired last year, boosting the hub’s staff to 106.
The West Kowloon Cultural District Authority’s annual report, released on Wednesday for the fiscal year ending March 31, also revealed that its chief executive Michael Lynch earned HK$4.5 million between his arrival in July, 2011, and March 31, 2012. Of that amount, HK$3.8 million was salary and the remainder, benefits and gratuities.
The authority’s rate of return on its investments rose to 4.1 per cent for the year from 3.4 per cent the previous year.
Profit on various investments grew by an impressive 40 per cent to HK$743 million from HK$529 million the year before.
Despite the increase in profits and the initial endowment, there’s still not enough money to complete the 40-hectre site.
According to a budget estimate conducted by Professor Chau Kwong-wing, head of Hong Kong University's real estate and construction department, it will take another HK$9.2 billion to HK$16.4 billion to build the arts hub at the scale and quality originally planned.