SLE Worldwide Australia is a Managing General Underwriter specialising in insuring risks in the world of Sports, Leisure and Entertainment. Be it relaxing, playing, organising or watching sports,…read more
Hong Kong Government approves pre-construction funding for new Kai Tak Stadium
The Finance Committee of Hong Kong’s Legislative Council has approved HK$62.7 million (US$8.1 million) in pre-construction funds for the planned Kai Tak Multi-purpose Sports Complex.
According to a report in the South China Morning Post, the funds will be used for consultancy studies on technical and quantity surveying, ground investigation and topographic and tree surveys, before actual construction can go ahead.
First proposed in 2004, the Hong Kong Government plans to use around 8% of the former site of the administrative region’s former airport for a planned 50,000-seat sports stadium with a retractable roof, 5,000-seat sports ground and 4,000-seat indoor sports centre.
Having previously sought private funding for what will be the city's biggest sports complex, the Government is likely to have to meet the entire cost of the HK$23 billion (US$2.9 billion) development.
Construction of the much-delayed project could begin in two years’ time, with a 2020 completion date mooted.
Meanwhile, many fear that the development of the Singapore Sports Hub has seen Singapore overtake Hong Kong as a venue for major sporting events and fixtures in East Asia.
Image shows the planned Kai Tak Stadium precinct.
24th March 2015 - HONG KONG LAMENTS LOSS OF BARCLAYS ASIA TROPHY TO SINGAPORE
8th December 2014 - HONG KONG FEARS SINGAPORE’S ADVANCE IN ATTRACTING REGIONAL SPORTING EVENTS
27th January 2014 - HONG KONG’S US$2.9 BILLION KAI TAK SPORTS COMPLEX SET FOR 2020 COMPLETION
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