HK to ink deal to lease Zhuhai Airport
(Shanghai Daily)
Updated: 2006-07-27 09:35
The Airport Authority of Hong Kong is close to signing a deal to lease Zhuhai
Airport in Guangdong Province.
"We have made remarkable progress and now there are only some minor details
to work on," said a Hong Kong Airport Authority spokeswoman, who would only be
identified by her surname Lam, yesterday.
Lam refused to give more details on the progress or what remains to be
negotiated. She said the final result will be announced soon.
Xu Xiaoxing, an official with the Zhuhai Airport's media section, refused to
comment on the report. Xu only said it was not yet time to publicize anything.
The proposed deal to lease the underutilized airport for 20 years gained
approval from mainland regulators early this year. The Guangdong provincial
government gave it the green light in July 2005.
A joint venture with a company in Zhuhai will lease the airport for about 200
million yuan (US$25 million) to 300 million yuan annually, the China Business
Times reported.
The joint venture is 55 percent held by the Airport Authority of Hong Kong
and 45 percent by Zhuhai Headway Transportation Investment Co Ltd, a subsidiary
of the city's state-owned assets management commission.
According to the proposal, the Airport Authority of Hong Kong plans to take a
controlling stake in Zhuhai Airport after 20 years. Zhuhai's loss-making airport
opened in 1995. It cost 4 billion yuan. The venture will also raise about 400
million yuan in credit to fund operations.
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