City signs JV with HK to run Hongqiao airport | Shanghai Daily

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City signs JV with HK to run Hongqiao airport

SHANGHAI established a 100-million-yuan (US$14.64 million) joint venture with Hong Kong today to improve the management of Hongqiao International Airport as a gateway to the Yangtze River Delta and beyond.

Shanghai Airport Authority and Airport Authority Hong Kong signed a cooperation agreement in Shanghai today to establish the joint venture, called Shanghai Hong Kong Airport Management Co.

Shanghai Airport Authority takes a 51 percent stake while its Hong Kong partner holds the remainder.

"We're confident we will make Hongqiao Airport into an internationally competitive airport," Henry Tang, Hong Kong's chief secretary for administration, told Shanghai Mayor Han Zheng.

The joint venture, designed to last 20 years from next year, will help run the two terminals of Hongqiao Airport and manage passenger-related issues while the western terminal is being built along with links to Hongqiao Area's new transport hub.

That will link the city's metro, buses, trains and aircraft as the core of a massive new power center serving as the city's gateway to the Yangtze River Delta region and beyond.

Built in 1921, Hongqiao Airport has won state approval for a 15.3 billion yuan second runway, another cargo zone and a new terminal covering 364,000 square meters. The new terminal more than quadruples the size of the current terminal.

The extension work is scheduled to be completed by March 2010. By then, Shanghai will have four air terminals and five runways for a combined annual capacity of 90 million passenger trips and 5.2 million tons of cargo.



 

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