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Hong Kong International Airport North Commercial District Development
     The Government supports the Airport Authority Hong Kong (AA) to develop the Airport North Commercial District (NCD), a spokesperson for the Transport and Housing Bureau said today (September 23). According to the AA's plan, the NCD will be developed into the first purpose-built retail, dining and entertainment destination in the area. The NCD development will enrich travellers' experience and become a unique tourism attraction.

     "To support development of the NCD, the Government has approved that the NCD area be carved out from the original land lease of the airport and put under a new lease with a 50-year term granted to the AA at a nominal premium. This arrangement will enhance the AA's flexibility in using the gross floor area of the NCD and the attractiveness of the development project in the market. The AA has completed the relevant procedures on signing of the land lease with the Government," the spokesperson said.

     The NCD development is of strategic importance to the economic and social development of Lantau and Hong Kong. It is expected to be a major component in promoting the "bridgehead economy" of the Hong Kong-Zhuhai-Macao Bridge.

     The NCD development will generate investment, business and employment opportunities, enhance the attractiveness and competitiveness of the Hong Kong International Airport (HKIA) as a global aviation hub, and promote tourism. Major aviation hubs worldwide, for example Singapore Changi Airport, Amsterdam Airport Schiphol in the Netherlands and Dubai International Airport, have been trying to enhance international passengers' experience by pursing the "skycity" concept. Vigorous developments in retail, dining, entertainment and hotel facilities were seen at these airports. Therefore, the Government considers the NCD development an important initiative for the overall economy of Hong Kong rather than simply a commercial development of the AA.

     The AA, a statutory body wholly owned by the Government, is responsible for management of the HKIA and development of airport-related activities. The AA is bound by law to operate according to prudent commercial principles. The Government has required the AA to factor in the full market value of the land when devising tender conditions for disposal of the NCD site and considering the tender bids as well as entering into commercial agreements with private developers.
Ends/Friday, September 23, 2016
Issued at HKT 14:34
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