New World Developments is in talks to dispose of its entire stake in Kai Tak Sports Park Limited (KTSPL) to its major shareholder Chow Tai Fook Enterprises Limited (CTFE).
AAstocks said no legally binding agreement has been entered into between the Group and CTFE and the Potential Disposal is still subject to, among other things, negotiation on the key terms including the price and obtaining the government and regulatory approvals required.
The Group recently reported a loss of more than $1.5 billion from continuing operations for the year to the end of June 2024.
Kevin Yeung, the Secretary for Culture, Sports and Tourism (SCST) said that the relevant application has been received and will be considered in accordance with the current contract before deciding whether to approve it or not.
Yeung emphasized confidence that Kai Tak Sports Park can be completed on schedule and that the opening operations will not be affected.
The 50,000-capacity Kai Tak Sports Park is a multipurpose sports venue that is being built at the site of the former Kai Tak Airport in Kowloon, Hong Kong, as part of the Kai Tak Development.
The sports park will be located on the North Western part of the old Kai Tak Airport where some of the parking stands used to be.
Covering an area of around 28 hectares, Kai Tak Sports Park anchors the redevelopment of the former airport site and offers a world-class destination for all interests. It is scheduled to open in the first part of 2025.
The Sports Park features a 50,000-seat Main Stadium with a retractable roof, an Indoor Sports Centre with the flexibility to host community sports and events of up to 10,000 seats, and a Public Sports Ground with a capacity of 5,000 seats.
These venues will be complemented with extensive public open spaces for events and leisure together with retail and harbor front dining spaces.
New World said in its results statement that as the exterior construction for the Main Stadium of Kai Tak Sports Park enters its final stage, Kai Tak Mall, where the Group acts as the leasing agent and operator of the retail area, will open by the end of 2024.
Spanning nearly 700,000 sq ft, Kai Tak Mall comprises three main towers, each rising up to five-storeys and connects to a 700-metre-long Sports Avenue that integrates the retail complex with the surrounding parkland.
Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.
Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at coliseum-online.com/alliance and make use of the 365Coliseum Business.