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Airport Authority ends nearly 50-year deal over 11 Skies project
Most 11 Skies facilities are still targeted to open in 2028, after the authority terminated its contract with New World Development.
Hong Kong’s Airport Authority has averted a “lose-lose situation” by terminating a nearly 50-year contract with New World Development for the 11 Skies commercial project, according to SCMP Economy.
The authority said most facilities are set to open in 2028, and its directors described the decision as necessary to move the development forward.
Julian Lee Pui-hang, the authority’s executive director for finance, said it could no longer work with New World, which he described as debt-ridden, and that the authority needed to bring the project forward.
He added that pursuing a technical court solution, such as taking the developer to court for failing to deliver, was an option but could create risks that would delay progress.