Latest news with #VivianCheungKar-fay
Bangkok Post
17-07-2025
- Business
- Bangkok Post
Hong Kong airport's profits take off with 52.3% surge to HK$2.45 billion
Hong Kong International Airport has posted net profit growth of 52.3% to HK$2.45 billion (10 billion baht) for the 2024-25 financial year, while it also paid the government a HK$1.3 billion dividend, its first in a decade. Operator the Airport Authority of Hong Kong on Wednesday also reported a 20% growth in revenue to HK$16.4 billion and a first dividend payment since 2014-15, when it started retaining operating surpluses to finance the three-runway system project, but acknowledged uncertainties remain amid geopolitical tensions. For the financial year ending March 31, the airport handled 54.9 million passengers and 373,050 flight movements, representing year-on-year increases of 21.6% and 20.5% respectively. But passenger numbers were still 73% of the 2018-19 levels, while aircraft movements were at 87%. Despite this, the airport maintained its position as the world's busiest cargo airport for the 14th time since 2010. Its cargo throughput climbed by 10.3% to 5 million tonnes, buoyed by robust e-commerce demand. The airport's network continues to expand, with 27 airlines launching new routes or increasing services to 56 destinations. By the end of the financial year, about 140 airlines were operating at HKIA, connecting to more than 200 destinations worldwide. Despite the strong business growth, Vivian Cheung Kar-fay, the authority's CEO, acknowledged further efforts were required to achieve a full pre-pandemic recovery amid global challenges. "Despite this progress, considerable work is required to fully restore passenger volumes to pre-pandemic levels, given the uncertainties in the global economic environment," she said. She highlighted that the newly launched three-runway system, which boosts the airport's annual capacity by 50 per cent, will allow for more flight movements during busy morning hours, especially during peak seasons. As an example, she cited the route to Japan during the Chinese New Year holidays, which saw 75 return flights in a single day. Fred Lam Tin-fuk, the authority's chairman, said the airport's HK$7-billion Skytopia project, a key component of the broader Airport City plan, had received positive market response. "I am glad that our achievements and vision for the future enjoy increasing support from different sectors of the community," he said. "Though we are facing global economic uncertainties, we are confident in the future of Hong Kong's aviation industry and the Airport City development." Unveiled earlier this year, Skytopia is set to feature an arts hub, a 600-berth yacht marina, and a "jet fresh market" designed to rival Tokyo's renowned Tsukiji Fish Market. The development also includes Skycity, which will host a hotel, offices, and commercial activities.
South China Morning Post
12-02-2025
- Business
- South China Morning Post
Skytopia vision doesn't serve Hongkongers' needs
Published: 9:30am, 12 Feb 2025 The Hong Kong Airport Authority's recently unveiled 'Skytopia' mega-project , with its HK$100 billion (US$12.9 billion) price tag and promise of an arts hub, gourmet market and yacht marina, shows that the government is seriously misreading public sentiment. The attraction of affordability and quality is not lost on Hong Kong residents, who are crossing the border to Shenzhen in increasing numbers for shopping, dining and even medical services that are cheap and good. With its Skytopia plan, the government has chosen to ignore these clear preferences. Under the development blueprint, the Chek Lap Kok site will be transformed into an airport city with an arts hub, a 600-berth marina for yachts, the city's largest water recreation area and a gourmet seafood market. It also features the cluster of offices, shops, hotel and entertainment facilities the Airport Authority has named Skycity . The entire project is envisioned to be a landmark in Asia, boasting of tourism, cultural, entertainment and commercial facilities unrivalled by other aviation centres. It can be summed up in two words: 'good' and 'expensive'. Airport Authority acting CEO and chief operating officer Vivian Cheung Kar-fay speaks at the unveiling of its 'Airport City' vision for the Hong Kong International Airport, on January 16. Photo: Jonathan Wong
South China Morning Post
31-01-2025
- Business
- South China Morning Post
Landing ‘Skytopia' in economic turbulence a challenge for Hong Kong airport
Following a bumpy take-off in 1998, Hong Kong International Airport has been consistently rated one of the world's best, and justifiably so. It is now aiming even higher with an ambitious HK$100 billion (US$12.83 billion) makeover to become 'the landmark of Asia', with top tourism, cultural, entertainment and commercial facilities unrivalled by any other aviation centres. Promising as it sounds, the project also is fraught with challenges amid economic headwinds. The current state-of-the-art facility at Lantau was never meant to be just a carousel for passengers and cargo. Strategically built on an artificial island with exhibition and tourism facilities nearby, the southern gateway of modern China is poised to become a stronger economic engine when powered by the right formula for growth and development. With the shadow of the Covid-19 pandemic largely receding and the third runway now up and running, the city is consolidating its status as an aviation hub under the country's national development blueprint. According to the 'Skytopia' plan outlined by the Airport Authority, the Chek Lap Kok site will transform into a multifunctional town, featuring an arts hub, a 600-berth marina for yachts, the city's largest water recreation area, a 'jet fresh market' to rival top sellers of produce in the region and a development called Skycity that will host a hotel, offices and commercial activities. Vivian Cheung Kar-fay, acting chief executive and chief operating officer for the Hong Kong Airport Authority, outlines a plan to transform the Chek Lap Kok site into a multifunctional town, featuring an arts hub, marina, water recreation area, a market and a development that will include a hotel and offices. Photo: Jonathan Wong The authority is right in seeking to maximise the full potential of the airport site, capitalising on the city's strengths and natural environment. But the multibillion-dollar blueprint also comes as a difficult sell in light of the current economic downturn and business uncertainty.
South China Morning Post
29-01-2025
- Business
- South China Morning Post
Flights from Hong Kong to Japan ‘every 15 minutes' over Lunar New Year
Published: 2:19pm, 29 Jan 2025 A plane will be departing Hong Kong for Japan every 15 minutes on average during the Lunar New Year period amid strong demand, as the city's airport expects its post-pandemic recovery to continue with overall flight numbers growing by 30 per cent year on year over the festive break. Vivian Cheung Kar-fay, acting CEO of the Airport Authority , said on Wednesday that there were close to 150 flights between Hong Kong and 13 Japanese cities during the festive period. 'We have close to 75 pairs of flights heading to and from Japan every day to 13 cities, meaning it's almost one flight every 15 minutes. It's very convenient if you wish to travel,' Cheung said. 'There will be a growth of over 30 per cent in flights compared with last year,' she said, referring to the Lunar New Year period. 'We can see that flights will be back at a pre-pandemic level in 2025, with daily passenger throughput at 200,000 and almost 1,100 flights taking off and landing.' About 200,000 passengers passed through the airport every day in the past few days, and operations were smooth with sufficient staff to handle the heavy traffic, according to Cheung.
