Hong Kong has set its sights on becoming Asia’s events capital. China’s five-year plans support the city’s role as an East-meets-West centre for international cultural exchange. The chief executive’s latest policy address commits the Tourism Board to strengthening Hong Kong’s reputation as the “events capital of Asia”.
The economic benefits could be huge. International events bring tourists and business for hotels, restaurants, shops and transport operators.
The South China Morning Post estimated that Coldplay’s four Kai Tak Stadium concerts in April last year generated HK$1.2 billion (US$153.67 million) for Hong Kong. Recent concerts such as The Weeknd’s show the potential of the mega-event strategy to boost spending and lift the city’s spirits.