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May 16, 2019

Kai Tak site sold for HK$11.1 billion
The Lands Department announced on May 15 that a seafront commercial plot of land on the runway of Hong Kong's former airport, Kai Tak, has been awarded on a 50-year land grant at a premium of $11.12 billion. New Kowloon Inland Lot No. 6546 at Kai Tak Area 4C Site 4 was awarded to High Smart Investment Limited, a subsidiary of Frontier Journey Limited. It has a site area of 10,692 sq m and is designated for non-industrial purposes. The minimum and maximum gross floor areas are 48,114 sq m and 80,190 sq m. The developer said it will build a high-end hotel and offices, and the total investment could amount to HK$18 billion.
     Airport Authority Hong Kong (AA) announced the appointment of three new members to the board recently. The new members are Stuart Thomson Gulliver, Dr Lo Wai-kwok and Thomas Jefferson Wu, who will serve a term of three years effective from 1 June 2019. Under the Airport Authority Ordinance, the Chairman and members of the AA are appointed by the Chief Executive of the Hong Kong Special Administrative Region. From 1 June 2019, the AA Board will comprise 17 members:
     Jack So Chak-kwong, Chairman of the AA, said, “I would also like to welcome the new members, who are all renowned leaders in their respective fields. I look forward to working with them and all our board members in steering the airport's future developments.”

(photo: Hong Kong Government)

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