The Central harbourfront is one of the world’s most recognisable urban skylines, overlooking a vast, open event space from Central to Admiralty that is coveted for major events. The right to run the event space for five years, from July 1, has just been awarded to a joint venture between property developer Henderson Land Development and concert organiser YW Company, commonly known as “Yiu Wing”. The location east of the International Finance Centre and the adjacent Central Yards development has potential for greater accessibility, including a pedestrian footbridge network, for tourists and visitors from surrounding commercial properties. The city therefore has a big economic stake in the efficient and successful management of the space.

Tourism remains a pillar of the economy and dependent on Hong Kong’s sustained appeal to mainland Chinese and international visitors. A vibrant, well-managed harbourfront entertainment hub ought to be a showcase for a city reputed to be Asia’s world city. But the reverse could be true in the event of missteps or mismanagement that risk undermining the city’s image. Lessons must be learned from the past, such as a hot-air balloon fiasco last September that left customers frustrated amid concerns about safety and lack of permits for the advertised rides. Such lapses cannot be repeated. The incident has prompted the government to tighten tenancy terms.

The joint venture, Central Grand Limited (CGL), beat five other bidders for the 3.7-hectare (9.14-acre) site, which hosts major events such as the annual Clockenflap music festival and the Wine and Dine Festival. CGL will pay the government HK$1.52 million (US$193,750) in monthly rent. To ensure CGL fully utilises the event space, a new clause requires the company to compensate the government with 10 per cent of the monthly rent for each day that it falls short of the committed number of event days. When no events or those “relatively small in scale” are taking place, CGL will also be required to keep the grounds open for public enjoyment and leisure activities free of charge.

The site’s location is both its greatest asset and its greatest test. It is a magnet for tourists and locals alike, a space that can host cultural festivals, concerts, exhibitions and family events. To harness this potential requires imagination, but also discipline. Programming must balance commercial viability with inclusivity, ensuring the space serves the community as well as visitors.

Success will be measured not only in ticket sales or rental income, but in how the site enhances Hong Kong’s global image. The responsibility is to deliver an entertainment destination that is safe, innovative and welcoming to locals and visitors alike.