Hong Kong’s West Kowloon arts hub seeks US$1 billion in first bond sale to fund operations
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The West Kowloon Cultural District Authority, which manages Hong Kong's West Kowloon arts hub, plans to sell bonds for the first time to raise up to US$1 billion to fund its operations. The authority has appointed Hongkong and Shanghai Banking Corporation and Standard Chartered Bank (Hong Kong) as arrangers for a medium-term note programme. This marks the first time the authority has tapped the fixed-income debt market, which will allow it to issue bonds in series and tranches. The arts hub has relied on ticketing revenue, corporate sponsorship, and commercial income to operate, with a HK$21.6 billion endowment from 2008 expected to run out by mid-2025. The authority created the programme as a step towards issuing bonds to address its financial concerns. The bond sale is aimed at securing funding for the authority's operations.
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