Pang Jianyi: The cost recovery rate of M+ Museum is about 40%, and the West Kowloon Cultural District builds soft power for Hong Kong

The chairman of Ocean Park and M+ Museum, Pang Jianyi, stated in a newspaper interview that the current cost recovery rate of the M+ Museum is about 40%, which is higher than many internationally renowned museums. He hopes to continue improving this rate in the future to achieve self-sufficiency. He emphasized that the entire West Kowloon Cultural District should not be viewed purely from a commercial perspective, but should also consider "soft power." For example, Hollywood has built strong soft power for the United States; if Hong Kong wants to become an international city, one of the key aspects is to excel in cultural and artistic endeavors.

Regarding the large art festivals held almost every month around the world, there are concerns about whether the market can absorb them. Pang Jianyi believes it is essential to ensure quality, to do better and more professionally, and to have a certain scale to be convincing, allowing Hong Kong to become a true cultural and artistic center.

As for Ocean Park, the park is expected to incur a loss of HKD 275 million in the fiscal year 2024 to 2025, with the water park recording a loss of HKD 148.3 million. Pang Jianyi mentioned that a significant portion of the over HKD 200 million loss is due to amortization and depreciation. If only EBITDA is considered, the theme park business is profitable.

Regarding the loss-making water park business, Pang Jianyi explained that when the board decided to reopen the water park in 2013, visitors were still willing to spend. However, the consumption patterns of Hong Kong residents and tourists have changed, and the number of expatriates in Hong Kong is not as high as before. The authorities are working hard to propose new strategies and different partners, to modify facilities or even the entire water park, leaving no possibilities off the table.

He also mentioned that the park's "Hong Kong Old Street" has great development potential, and they are currently studying whether they can expand this concept, as many tourists coming to Hong Kong in recent years, especially from the mainland, want to experience some of Hong Kong's old popular culture.

The outside world often compares Ocean Park with Disneyland. Pang Jianyi stated that although both are important tourist attractions in Hong Kong, their positioning is entirely different; Disneyland is an international brand with over 100 years of IP "treasure," operating on a "massive" scale, while Ocean Park is homegrown, rooted in nature, and is a non-profit organization focused on conservation education, making direct comparisons difficult