11 Skies
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New World Development (NWD) reported a net loss of HK$26.8 billion (US$3.42 billion) for the year ended June, as the developer booked HK$18.3 billion in impairments and provisions tied to the early termination of its flagship 11 Skies mall project.

NWD will hand the 11 Skies project back to Airport Authority Hong Kong (AAHK) next year under an agreement reached on Wednesday, which will see the company face charges worth HK$18.3 billion.

The deal will see the developer pay a HK$2.3 billion early termination fee, hand over another HK$14.7 billion in non-cash impairments, and also make provisions for HK$1.05 billion worth of pre- and post-handover work.

AAHK said it would now move “full steam ahead” with the 11 Skies project, aiming to create “a unique entertainment hub that contributes to the overall strategic development of Skytopia project”.

A Hong Kong government spokesman said the agreement enabled AAHK to move ahead with the project’s future development and that the Airport Authority would redefine the “positioning, theme, sector mix and operational model” of 11 Skies to align with the overall future development of Skytopia.

Source: https://www.scmp.com/business/companies/article/3369377/new-world-development-posts-hk268b-loss-after-11-skies-termination

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The authority managing Hong Kong International Airport has taken over the retail operations of 11 Skies from New World Development ahead of the opening of Terminal 2, the South China Morning Post has learned.

Multiple sources said the Airport Authority had assumed control of key components of the 2.66 million sq ft retail and dining space, representing 70 per cent of the entire project.

But it remains unclear whether the authority has also taken over the rest of 570,000 sq ft of experiential entertainment space and 570,000 sq ft of grade A offices.

https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3353454/hong-kong-airport-authority-takes-over-11-skies-retail-new-world-sources

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New World seeks to sell 11 Skies airport mall to boost liquidity

The mall has been evaluated at a price range of HK$15 billion ($1.9 billion) to HK$17 billion, one of the people said. That means selling at a loss considering the company invested HK$20 billion for the project.

The development of the 11 Skies mall has become a drag on New World, hampered by sluggish tenant sign-ups and concerns over weak foot traffic — fueled in part by uncertainty around airlines’ willingness to shift flights to Hong Kong’s second airport terminal next to the complex.

https://dk.fashionnetwork.com/news/New-world-seeks-to-sell-11-skies-airport-mall-to-boost-liquidity,1749684.html

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