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Hong Kong to pay $901m for new cruise terminal
Hong Kong's government plans to pay an estimated HK$7 billion ($901 million) for the construction of a new cruise terminal, more than two months after bids from two local developers were rejected.
- Bloomberg
- Published: 00:02 October 1, 2008
Hong Kong: Hong Kong's government plans to pay an estimated HK$7 billion ($901 million) for the construction of a new cruise terminal, more than two months after bids from two local developers were rejected.
The government decided to assume the cost of the project at the site of the former Kai Tak airport to avoid further delays, Secretary for Commerce and Economic Development Rita Lau said yesterday.
The government is seeking to commission the first berth at the terminal in 2013, she said.
Hong Kong in July rejected bids from groups led by the city's two largest developers, Cheung Kong Holdings and Sun Hung Kai Properties, to build the terminal as they didn't meet unspecified requirements.
The economic benefits from the proposed terminal for the local tourism industry will be about HK$2.5 billion a year, Lau said yesterday.
The terminal may help create 8,000 to 9,000 jobs, she said.
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