BEIJING — In a sign of growing cultural ties between mainland China and Hong Kong, officials in Hong Kong have announced plans to build a museum to serve as a permanent display space for objects from Beijing’s Palace Museum, home to some of China’s most treasured imperial artifacts.

Under the agreement, which was signed in Beijing on Friday by Carrie Lam, Hong Kong’s second-ranking official, and Shan Jixiang, director of the Palace Museum, what is being called the Hong Kong Palace Museum will be built as part of the West Kowloon Cultural District, a colossal government-backed cultural infrastructure project.

The museum, costing $451 million and scheduled to be completed in 2022, will be managed by a subsidiary of the West Kowloon Cultural District Authority. Artifacts from the Palace Museum collection highlighting imperial life and culture in China will be exhibited on a long-term basis.

The Hong Kong architect Rocco Yim has been tapped to design the building, which will have an estimated 328,000 square feet of floor space and feature two exhibition galleries, activity rooms, a 400-seat lecture theater, a gift shop and a restaurant. Costs for the project are being fully covered by a donation from the Hong Kong Jockey Club, a nonprofit organization that has supported several Palace Museum exhibitions in Hong Kong in the past.