Cutting New World ties over 11 Skies averts ‘lose-lose’ deal: Airport Authority

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 now set to open in 2028, the statutory body’s directors have said. Julian Lee Pui-hang, the authority’s executive director for finance, said on Friday that it could no longer work with a debt-ridden partner on the ambitious development and that the project needed to be brought forward. He said...