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HK, Hangzhou airports establish joint venture

The Hong Kong Airport Authority and Hangzhou Xiaoshan International Airport in east China`s Zhejiang Province have formed a joint venture…

The Hong Kong Airport Authority and Hangzhou Xiaoshan International Airport in east China`s Zhejiang Province have formed a joint venture that will operate and manage the Chinese mainland airport.

According to a government press release on Friday, the Hong Kong airport authority will invest 1.9 billion (US$243 million) to hold a 35 percent stake in the airport.

Hangzhou Xiaoshan International Airport will be converted from a state-owned limited company to a limited liability joint venture.

The two parties will jointly operate and manage Hangzhou Airport, aiming to enhance operation efficiency, service quality and management standards to bring it to world-class standards.

This is a win-win agreement for both parties, Xiaoshan International Airport Chairman Chen Haimei said.

The authority`s Chief Executive Officer David Pang said, Through direct investment and participation in their management, we will establish an airport system with our Chinese mainland counterparts. This will enhance the economic development of the member airports and their respective economic regions.

Airport Authority Chairman Victor Fung added that the alliance will allow the two airports to further develop and enhance business cooperation of the two regions.

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Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.

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