New World Development to hand over 11 Skies complex to Airport Authority in April

The Airport Authority announced that it has reached a settlement with New World Development to terminate the 11 Skies sublease ahead of schedule. The property developer will transfer the extensive complex, situated close to Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge, to the authority on April 1 of the coming year, delivering all associated assets free of charge. In addition, New World will supply cash and cash equivalents totaling more than HK$3 billion.

Chairman Fred Lam emphasized that the scale of 11 Skies is suited for large-scale entertainment and experience-driven venues that cannot be accommodated elsewhere in Hong Kong, positioning it as a key component of the broader HK$100 billion Skytopia project aimed at linking the city with the Greater Bay Area. CEO Vivian Cheung noted that a new subsidiary has been created to oversee the development, with operations expected to commence alongside major Skytopia elements in the 2028-29 timeframe.