Hong Kong Looks for a New Collaborator to Revive 11 Skies Operations Amidst New World's Financial Troubles: Insider Reports
Hong Kong Airport Authority Seeks New Partner for 11 Skies Shopping Centre Project
The Hong Kong Airport Authority is actively seeking a replacement developer to complete the 11 Skies shopping centre project, as negotiations with current developer New World Development (NWD) continue regarding the developer's significant debt pressures.
The identity of the potential new partner has not been publicly disclosed. The financial terms and compensation are currently under negotiation, with a key focus on the compensation due to the Airport Authority because of the existing 40-year contract, under which NWD is obligated to pay a guaranteed rent of HK$1.8 billion (approximately US$229.3 million) annually starting in 2028.
The talks aim to determine how the project responsibilities and financial obligations will be transferred or shared with the new partner to the Airport Authority’s satisfaction. The negotiations are confidential, with no official statements or confirmations made by either party as of the latest reports in July 2025.
The 11 Skies shopping centre was awarded to NWD in 2018 and forms part of Hong Kong’s strategic SkyCity development near the airport. The shopping centre's contract is a 40-year contract, and the financial terms of the move, specifically the compensation, are still under negotiation.
Sources declined to be identified due to discussing a confidential matter, and neither the Airport Authority's press office nor NWD responded to requests for comment. The negotiations between the authority and the potential new partner are ongoing, and no definitive decisions have been made at this time.
- The new partner, once identified, may bring fresh investments into the economy, revitalizing the business of the 11 Skies shopping centre and the surrounding real-estate market in Hong Kong.
- Finding a suitable business arrangement that balances the financial interests of both parties - the Hong Kong Airport Authority and the future development partner - will be crucial in ensuring the success of the 11 Skies shopping centre project.
- With a prosperous entertainment sector contributing to Hong Kong's overall growth, the new partnership could potentially drive more opportunities for leisure and shopping attractions within the airport vicinity, further enhancing the city's appeal to tourists and international investors.
