The West Kowloon Cultural District Authority (WKCDA) announced on Thursday that it has submitted a renewed plan to the government to boost its income, amid a looming financial crisis.

The cultural district was granted HK$21.6 billion from the public coffers in 2008, and its chairman, Henry Tang, conceded that the endowment will run out in two years despite the implementation of various cost-cutting measures.

Tang said the authority has decided not to ask the government for additional funding as public money should be set aside to tackle the city’s housing, social and livelihood issues.

He said the WKCDA has proposed a number of land and property-related measures to help with the hub's finances.

"We knew from the conception of the West Kowloon Cultural District that cultural and artistic facilities couldn't finance themselves. We didn't want to ask for government funding every year either, so at that time we planned to subsidise the operation of the cultural and artistic facilities with hotel projects, residential developments and commercial space," he said.

"We shall still take this approach but we have also updated our plan to cater for the market changes in Hong Kong."

When asked what the plan actually entails, Tang said more details will be disclosed after the authority gets the approval from the government.