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Three groups move to next stage in Hong Kong sports park project
Three consortiums - headed by an Alibaba Group subsidiary, New World Development and Dragages Hong Kong respectively - have made the Hong Kong Government Home Affairs Bureau’s shortlist to design, build and run the Kai Tak Sports Park complex on a 25-year lease.
As reported by the South China Morning Post, the three bids - two from mainland China and a Hong Kong subsidiary of a French company - how have six months to design the project, with the winner expected to start work in the middle of next year.
Three other bids were rejected.
The sports park, a 28-hectare site where the city’s Kai Tak airport used to be, will have a 50,000-seat multipurpose stadium with a retractable roof, a 10,000-seat indoor arena and a 5,000-seat community sports ground, plus shopping and dining areas.
The South China Morning Post reported that former Ocean Park Chairman Dr Allan Zeman had lent support to the Alibaba-associated bid - a consortium formed by nine investors, including Alibaba-controlled AGTech Holdings, mainland sports conglomerate Viva China Holdings and LKF Attractions, of which Dr Zeman is a Director.
Viva China is Chaired by Chinese Olympic gold medal-winning gymnast Li Ning.
Another of the bidding consortia, Hong Kong-based New World Development, enjoys the advantage of already operating the Hong Kong Convention and Exhibition Centre, through NWS Holdings.
A company called Kai Tak Sports Park Ltd was set up in April with New World’s Executive Vice-Chairman Adrian Cheng Chi-kong and NWS Holdings’ Executive Director Brian Cheng Chi-ming as directors, according to the Companies Registry.
The company is jointly owned by New World Sports Development and NWS Sports Development, which have a 75% stake and a 25% stake respectively.
The third contender is Dragages Hong Kong, a subsidiary of French giant Bouygues Construction. It is the parent of a management company that runs AsiaWorld-Expo, the city’s other major convention and exhibition venue, on Lantau Island.
Under the plan, the Hong Kong Government will cover the building costs for the winning bidder, which will need to bear the operating costs and share a percentage of its income from the site with the government. An operations consultant projected that the operator could make a net profit of HK$51 million in its first year of operation and HK$291 million five years later.
The two runners-up will be compensated HK$60 million each, an arrangement which has been criticised in the Hong Kong Legislative Council.
According to Hong Kong Government tender documents, eligible bidders should have experience of completing at least one building contract worth no less than HK$1 billion, and experience running a large stadium or arena for three years or more.
The Hong Kong Government aims that the project will be completed before it’s term ends in 2022.
Image: Artist's outlines of the potential Kai Tak Sports Park.
27th November 2017 - SOUTH AUSTRALIAN GOVERNMENT REVEALS $150 MILLION CLELAND WILDLIFE PARK UPGRADE
1st September 2017 - SIX BIDS SUBMITTED FOR HK$32 BILLION KAI TAK SPORTS PARK PROJECT
11th April 2017 - HONG KONG SEVENS CONTINUES AS THE PINNACLE OF THE SEVENS WORLD SERIES
23rd February 2017 - AMBITIOUS PLANS REVEALED FOR HK$32 BILLION KAI TAK SPORTS PARK
16th November 2016 - HONG KONG GOVERNMENT TO STAGE KAI TAK SPORTS PARK OPPORTUNITY BRIEFING
5th October 2016 - HONG KONG GOVERNMENT TO TENDER KAI TAK SPORTS PARK DEVELOPMENT IN MID 2017
9th August 2016 - STUDY REAFFIRMS ECONOMIC BENEFITS OF HONG KONG’S EXHIBITION INDUSTRY
29th July 2016 - POPULOUS BACKS ALIBABA PLAN TO INCREASE SPORT PARTICIPATION IN CHINA
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