People queue to enter the M+ museum in Hong Kong, on July 1, 2023. (ANDY CHONG / CHINA DAILY)

Hong Kong’s landmark cultural icon – home to many of the city’s must-go attractions such as the Palace Museum and M+ – is suffering financial woes that could put an end to its performances and exhibitions by March 2025, head of the board of the West Kowloon Cultural District Authority (WKCDA) has revealed.

WKCDA chairman Henry Tang Ying-yen, speaking on Thursday, revealed that a bail-out plan to keep the cultural district afloat has been submitted to the Culture, Sports and Tourism Bureau.

Tang predicted that the Hong Kong Palace Museum and M+ Museum may be unable to organize more events after March 2025 if there is insufficient capital flow.

Tang said he decided not to ask for government funding, as the Hong Kong government has already spent HK$700 billion ($89.4 billion) since the outbreak of the pandemic and they do not want to compete with essential public resources for people’s livelihood.

ALSO READ: A sneak peek inside M+ museum

Chairman of the West Kowloon Cultural District Authority Henry Tang Ying-yen said he decided not to ask for government funding, as the Hong Kong government has already spent HK$700 billion ($89.4 billion) since the outbreak of the pandemic and they do not want to compete with essential public resources for people’s livelihood

The plan to salvage the cultural landmark is expected to center on commercializing the land to develop hotels, offices, residential flats and commercial projects to fund the expenditure of cultural projects, which according to Tang is hardly profitable globally, and Hong Kong is no exception.

Currently, the cost recovery rate of M+ Museum and the Hong Kong Palace Museum has relatively achieved 46 percent and 44 percent, and WKCDA is tightening its belt to make cuts internally to delay the ticking time-bomb, Tang revealed.

In 2008, the government allocated a one-off HK$21.6 billion grant and allowed the district to introduce retail, catering and entertainment facilities. In 2017, the government, after years of discussions with the WKCDA, made a more robust financial plan, which allowed the district to develop hotel, office and residential projects under the build–operate–transfer mode. These projects will eventually fall under governmental management.   

Tang mentioned that that over the past seven years, the construction of the high-speed rail terminus utilized the land in West Kowloon Cultural District as a temporary disposal area, and essentially halted any significant progress in commercial development within the district.

READ MORE: Experts: HKPM to convey motherland's history to world

The plan submitted to the government has optimized the program to introduce commercial projects to cater to changes in the market.