Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Sunday, Apr 02, 2023

(Budget 2023-24) Hong Kong strives to become an aircraft leasing and services hub; to build a new aviation business park

(Budget 2023-24) Hong Kong strives to become an aircraft leasing and services hub; to build a new aviation business park

Hong Kong will enhance the aircraft leasing preferential tax regime and strives to establish the city's position as an aircraft leasing and services hub, financial secretary Paul Chan Mo-po said Wednesday.
Chan continued that authorities have conducted a trade consultation on the proposed enhancement measures, which include allowing tax deduction for the acquisition cost of aircraft and expanding the scope of leases and aircraft leasing activities.

And the proposed measures have been welcomes by the industry, Chan added.

A bill will be tabled at the Legislative Council in the fourth quarter of this year as Chan said these enhancement measures will further attract more aircraft leasing companies to establish a presence in Hong Kong.

Chan also said the Airport Authority is planning to construct a new aviation business park on the Airport Island, and is exploring with Zhuhai authorities the feasibility of building an aviation industrial park in Zhuhai.

The goal of the proposal is to promote the development of the aviation industry in the two places through synergized cross-boundary co-operation, the finance chief noted.

Chan spoke of the integrated commercial development project of SKYCITY as well, which – with its advantages in terms of geography, infrastructure and transportation – will be developed into a vibrant hub of commerce, conventions and exhibitions, tourism, lifestyle and logistics.

Chan added logistics infrastructure will be strengthened to further expand the business of high-value goods and e-commerce.

A number of infrastructure projects, including the SkyPier Terminal which will commence operation mid-2023 and the entire Three-Runway System – expected to be completed by the end of 2024, will significantly boost passenger and cargo traffic of the Hong Kong International Airport.

Chan also said the projects will create tremendous opportunities for activities such as aircraft repair and maintenance, aircraft parts manufacturing and relevant research and development.

Airport Authority will also roll out a series of measures to support the recovery of air traffic, such as reducing or waiving airport charges, providing incentives to resume suspended flight services or launch new routes, and organizing large-scale promotion activities.
Newsletter

Related Articles

Hong Kong News
Close
0:00
0:00
The G-7 aims to make global crypto regulations tougher
Don’t Dismiss China’s Peacemaking Bid
Austrian Parliament members walk out when Volodymyr Zelensky begins speaking.
Father obliterates council members following viral TikTok of biological male masturbating in women’s bathroom..
Tsai Ing-wen received a "warm welcome" from the Chinese people in the US.
EU's von der Leyen: "We know this is an era where we rely on one single supplier. China. 98% of our rare earth supply."
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society’
“We've had evidence prior to the pandemic that masks were largely ineffective at preventing community transmission of influenza “
Former Starbucks CEO Howard Schultz:
Former Starbucks CEO Howard Schultz rejects being labeled a "billionaire"
Jamie Dimon is being deposed over JPMorgan Chase role in Epstein lawsuits
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
Social Media censoring users for saying the true
Smart Iranian fashion designer teaching dummy TV anchors lesson about reality
AMERICA, 2023
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AOC explains why she opposes banning TikTok
Singapore’s Prime Minister says China and US need to stabilize relations because world can't afford a confict between the two superpowers
In a dramatic U-turn against His Government: Judicial Reform Legislation Must Be Halted, Says Israeli Defense Minister Yoav Gallant
Gordon Moore, a co-founder of Intel Corporation, died at 94
Powell: Silicon Valley Bank was an 'outlier'
Bordeaux town hall set on fire in France pro democracy protest
Police violence in Paris
Paris: Some of the police are stepping down and showing solidarity with the protesters.
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
The US government has charged Chinese businessman Guo Wengui with leading a $1 billion fraud scheme that cheated thousands of followers out of their money.
Credit Suisse to borrow $54 billion from Swiss central bank
The BBC problem about China
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
If this was in Tehran, Moscow or Hong Kong
Announcing GPT-4
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
'No relation to the American SVB': India's SVC Bank acts to calm depositors amid brand name confusion.
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
Saudi Arabia has announced a major breakthrough in diplomacy with Iran after two years of intense talks
×