Hong Kong's Development Bureau has awarded a five-year tenancy of the Central Harbourfront Event Space to Central Grand, a joint venture between Henderson Land Development (HKG:0012) and YW Company, according to a Thursday press release.

The tenancy will commence on July 1, with the 3.7-hectare site to be managed and operated for events under enhanced venue requirements at a monthly rent of HK$1.5 million.

The government said the winning proposal features large-scale commercial events aimed at boosting tourism and the "mega-event economy," alongside free public access when no events are held.

The operator will also provide free facilities and ensure parts of the site remain open during non-event periods or when space is unused.