Despite drawing almost four million visitors since it’s opening, SoHo design paradise PMQ has reportedly lost HKD16 million in its first year of operations.
Lawmaker Andrew Leung, a consultant for the former Police Married Quarters, said he isn’t surprised by the losses considering that the centre has only been open a year, reports Ming Pao.
The hub is expected to take almost HKD10 million next year in rent compared to HKD1.22 million this year, but according to current projections, its ability to sustain itself beyond the year 2016-17 is doubtful.
Aside from rent – which is wavered for the first two years for startups – the centre also relies on HKD110 million in seed money from the Musketeers Education and Culture Charitable Foundation.
According to a spokesperson from PMQ, the HKD16 million in losses were a part of the HKD110 seed fund donated prior to PMQ’s opening – money that is planned to support the next 10 years of PMQ operations, reports HKFP.
Photo: Jackie.lck via Flickr
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