The West Kowloon Cultural District Authority’s (WKCDA) decision to withdraw its tender for a massive commercial project in the multibillion-dollar arts hub, following a cool response from developers, signals massive deficits ahead, observers said.Lawmakers are worried that with the Covid-19 pandemic wreaking havoc on arts and exhibition events, the authority will sink deeper in the red and keep asking for more government funding.“The government is the most convenient ATM for it,” said Civic…
from South China Morning Post https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3097536/covid-19-triggers-looming-financial-crisis-west
Sunday, August 16, 2020
Covid-19 pandemic triggers looming financial crisis for West Kowloon Cultural District as developers avoid bidding for massive new project
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