Entertainment
Cutting New World ties over 11 Skies averts ‘lose-lose’ deal: Airport Authority
Key Points
The Airport Authority has averted a “lose-lose situation” by terminating a nearly 50-year contract with Hong Kong developer New World Development for the 11 Skies commercial project, with most facilities set to open in 2028, according to the organisation’s directors. The authority’s executive director for finance, Julian Lee Pui-hang, said on Friday that it could no longer work with a debt-ridden partner on the ambitious development and that the authority needed to bring it forward.
The Airport Authority has averted a “lose-lose situation” by terminating a nearly 50-year contract with Hong Kong developer New World Development for the 11 Skies commercial project, with most facilities set to open in 2028, according to the organisation’s directors.
The authority’s executive director for finance, Julian Lee Pui-hang, said on Friday that it could no longer work with a debt-ridden partner on the ambitious development and that the authority needed to bring it forward.
He said the...