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In response to concerns associated with the 'hand over' to a developer
of the management of those new cultural assets, Swire proposes that
the developer be located at 'arms length' by early establishment of
an Arts Development Trust. The Trust will receive pre-agreed developer
'seed' contributions and thereafter manage recurrent funding and operations.
The three component groups – Theatres, Museum, and Performance
Venue operate under one statutory authority via a Board of Governors
that is entitled to first call on income derived from the Trust to
offset any annual deficits. All land utilised in the Swire proposal
in Central and Tsim Sha Tsui will remain in Government ownership and
be used for public benefit.
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2005
Swire Properties Ltd. All rights reserved.
