Airport Authority signs franchise agreement for Business Aviation Centre

(HONG KONG, 11 July 1997) -- The Airport Authority (AA) today signed a franchise agreement for the operation of the Business Aviation Centre at the new airport at Chek Lap Kok.

The Hong Kong Business Aviation Centre Ltd will hold the franchise for 15 years from the commencement of operation of the northern runway, due for completion by the end of 1998. The shareholders are Sun Hung Kai Properties Ltd, AMR COMBS, China Southern Airlines Co. Ltd, The Hon. Michael Kadoorie, Mr Christopher Cheng and Mr Henry Tang. The initial investment is HK$68 million.

The Business Aviation Centre will provide a full range of services for executive aircraft and passengers. These include ground handling, baggage handling, fueling, security and flight planning. The franchisee will develop a world class executive passenger terminal and aircraft hangar facility.

Ref. PR-290