New World to hand over 11 Skies project in April

The Airport Authority (AA) has reached an agreement with New World Development to terminate the sublease of the 11 Skies development project early, as announced on Wednesday. The property developer will transfer the complex near Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge to the authority on April 1 next year, along with the associated assets, without any cost.

In return, the AA will receive cash and cash equivalents exceeding HK$3 billion from New World Development. The 11 Skies project is designed to complement Skytopia, a HK$100 billion mega project aimed at transforming the airport area into a premier destination for tourism and business, according to Skytopia's chairman, Fred Lam.

Lam described the 11 Skies project as more than a conventional shopping mall, emphasizing its potential to host large-scale entertainment facilities and experience-driven attractions. The AA's CEO, Vivian Cheung, disclosed that the authority has established a new subsidiary dedicated to the project, aiming for its operations to commence alongside significant Skytopia components in 2028-29.