{
  "id": 10962444,
  "title": "New World to hand over 11 Skies project in April",
  "url": "https://urgent.news/2026/09/30/new-world-to-hand-over-11-skies-project-in-april-10962444",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-30T14:28:09.000Z",
  "source": {
    "name": "RTHK News - Finance",
    "slug": "rthk-news-finance",
    "url": "https://news.rthk.hk/rthk/en/component/k2/1872203-20260930.htm"
  },
  "original_language": "en",
  "account": "Hong Kong's Airport Authority (AA) has agreed to terminate the sublease of the 11 Skies development project early, according to a statement released on Wednesday. The property developer, New World Development, will hand over the mega complex near the Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge to the authority on April 1 next year, along with assets connected to the development, and provide cash and cash equivalents of more than HK$3 billion.\n\nThe 11 Skies project is set to complement Skytopia, a HK$100 billion mega project aimed at transforming the area around the airport into a world-class destination for tourism and business activities. The project's chairman, Fred Lam, described the 11 Skies project as more than a typical shopping complex, emphasizing its potential as a unique entertainment hub that will form an integral part of Skytopia. According to Lam, the success of the project will depend on its holistic offering, combining appealing hardware and software elements such as contents, culture, and environment.\n\nThe AA's CEO, Vivian Cheung, confirmed the establishment of a new subsidiary dedicated to the 11 Skies project. Cheung plans for the subsidiary to commence operations along with major components of the Skytopia project in 2028-29.",
  "summary": "The Airport Authority (AA) said on Wednesday that it reached an agreement with New World Development to terminate the sublease of the 11 Skies development project early. The property developer will hand over the mega complex located near the Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge on April 1 next year along with the assets in connection with the development at no…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "RTHK English",
        "title": "New World to hand over 11 Skies project in April",
        "url": "https://urgent.news/2026/09/30/new-world-to-hand-over-11-skies-project-in-april",
        "published": "2026-09-30T14:28:09.000Z"
      },
      {
        "outlet": "SCMP Business",
        "title": "New World Development posts HK$26.8b loss after 11 Skies termination",
        "url": "https://urgent.news/2026/09/30/new-world-development-posts-hk-26-8b-loss-after-11-skies-termination",
        "published": "2026-09-30T14:46:27.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Earnings call transcript: New World Development posts first profit in 3 years in H2 2026",
        "url": "https://urgent.news/2026/09/30/earnings-call-transcript-new-world-development-posts-first-profit-in",
        "published": "2026-09-30T17:05:03.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}