New World Development wins right to design, build and run Hong Kong’s HK$30 billion Kai Tak Sports Park
- Local property developer secures 25-year contract ahead of mainland Chinese company Guangzhou R&F Properties
Hong Kong’s long-awaited and much-touted HK$30 billion (US$3.8 billion) sports complex planned for the site of the former Kai Tak airport will be designed, built and run by a subsidiary of local property developer New World Development, officials said on Friday.
The announcement follows years of wrangling over costs, designs and how much control the government should have over the project, which has already been more than a decade in the making.
The 28-hectare complex promises to be a boon for the city’s ability to attract world-class events, but the sports sector has concerns about being sidelined in favour of entertainment, retail and profits.
A 25-year contract had been awarded to Kai Tak Sports Park Limited, a subsidiary of New World and NWS Holdings, officials said.
“It is the government’s most important investment in sports infrastructure in recent decades,” a statement said. “We are looking forward to working closely with Kai Tak Sports Park Limited’s team to create a world-class sports park with high-quality facilities.”
It was understood New World clinched the contract over mainland Chinese developer Guangzhou R&F Properties.