The managing authority of Hong Kong’s art hub, the West Kowloon Cultural District, has opened a subsidiary to “drive commercialisation and explore new revenue sources” as it seeks financial sustainability following an earlier crisis.
The incorporation of WestK Enterprise Limited (WKEL), wholly owned by the authority, was announced on Monday, with appointments of board members having taken effect on November 21.
“As part of the strategies to enhance the long-term financial sustainability of [the authority], [the board of the authority] has approved the establishment of WKEL to drive commercialisation and explore new revenue sources, leveraging the authority’s assets, resources and expertise,” a statement read.
Wendy Gan Kim-see, the managing authority’s deputy CEO of development, was appointed chief executive of WKEL to spearhead the new vehicle and is responsible for mapping out its business strategies and commercialisation initiatives.
The WKEL board is composed of Chairman Bernard Charnwut, two members, Paulo Pong Kin-yee and Allan Zeman, and two ex officio members – Gan and the managing authority’s CEO Betty Fung Ching Suk-yee.
In October, the authority reported its operating deficit had narrowed by 20 per cent year on year to HK$578 million in the financial year ending March 31, 2024, aided by a 42 per cent year-on-year growth in revenue to HK$1.06 billion.