Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Saturday, May 25, 2024

(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.

Related Articles

Hong Kong News
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.