Kai Tak sports complex cost put at HK$23 billion by government
Construction of project on former airport site will be funded by taxpayers and operated privately, according to government proposal
The city's biggest sports complex - to be located within the Kai Tak development area - will cost HK$23 billion of taxpayers' money and will involve the private sector in its long-term operation.
The Home Affairs Bureau revealed the first concrete plans for the controversial sports complex yesterday. The project will take up 28.2 hectares - roughly 8 per cent of the whole development at Hong Kong's former international airport. A network of cycling trails planned for the Kai Tak area will be extended into the complex.
The plans include a 50,000-seat stadium with a retractable roof, 5,000-seat sports ground and 4,000-seat indoor sports centre.
The Public Works Programme will fund the construction, while private sector management will be brought in for the long-term running of facilities, according to the bureau's document, which will be discussed at the Legislative Council next Friday. "This [public-private] approach will offer the greatest certainty in terms of achieving our project objectives whilst also harnessing the expertise and creativity of the private sector," read the document.
Commercial funding for the project is not viable according to previous consultancy studies, the document said.
"Any private sector participation options would be financially viable only if the government were to shoulder all the capital costs and guarantee the private sector a return on equity," the bureau said in the paper.