Note from WKCDA: This is not factually correct. In early July the Administration indicated that it was prepared to fully fund and take up the capital works of the integrated basement as general enabling works to facilitate the development of the WKCD project, subject to funding approval by Legislative Council and availability of staffing resources. This would allow the WKCDA to focus on delivering the arts and cultural facilities. Given that the WKCD development will span over a long period of time, during which time there could be changes of significant magnitude in the construction costs both upward and downward subject to many factors such as changes in economic conditions, detailed design of the facilities, the development schedule and the mode of financing for individual projects, only upon the finalization of the detailed design of the facilities would it be possible to make reliable cost estimations. There are no plans to seek additional capital injection to the endowment fund at this stage.

Posted by:initiart

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