Hong Kong imposes no tax restrictions on the import and export of art, and also does not administer  wealth, gift, estate, or capital gains tax.

Airport Authority Hong Kong (AAHK) has presented a blueprint for airport city brand ‘SKYTOPIA’ in a showcase of the development potential and investment opportunities at the ‘world-leading destination’.

Integrating commercial activities, popular culture, art trading, entertainment and leisure, SKYTOPIA features projects intended to capitalise on the unique advantages of Hong Kong and leverage the land and marine resources near Hong Kong International Airport (HKIA).

The new landmark destination is set to include a litany of visitor attractions and developments, including: a one-stop art hub; Hong Kong’s first dedicated stand-alone art storage facility; a 500-berth Airport Bay Marina; Hong Kong’s largest water recreation area; a fresh gourmet marketplace; a sprawling Sportainment complex combining indoor and outdoor sports concepts; marine resort and luxury hotel; a dedicated transport system; a 1.5km long seafront promenade; and phase 2 development of AsiaWorld-Expo, comprising Hong Kong’s largest indoor purpose-built performance venue housing 20,000 spectators.

Fred Lam, Chairman of AAHK, remarked: “We envisage that HKIA will not be just a place for passengers to board their flights or a portal for entering Hong Kong. Our vision is to develop ‘SKYTOPIA’ into a landmark of its own, and a world-leading destination, attracting visitors from within Hong Kong and the prosperous Greater Bay Area, as well as major markets in Asia and the rest of the world.

AAHK’s role is to build the key infrastructure and create a platform for experts and investors to deliver services and products through their specially designed facilities.”

The transport system in question comprises direct links to Tung Chung, HKIA, downtown Hong Kong, and Macao. Furthermore, AAHK is planning to expand the operational capabilities of its Business Aviation Centre, while concurrently building a new VIP longe.

The art hub will comprise 66,000sq m and over 50 studio spaces, and was implemented given Hong Kong’s status as one of the foremost art-trading markets globally, as well as generous tax laws.

The Airport Bay Marina is set to play a key role in creating an air-ocean tourism hub, promoting the city as a centre for the regional yacht industry.

AAHK also announced its intention to build 11 Skies, the first integrated mall in Hong Kong.

Spanning 350,000sq m, the complex is set to offer 800 stores and three officer towers to promote leisure and business development.

The AsiaWorld-Expo will house the largest all-indoor performance venue in Hong Kong with a total floor area of 100,000sq m, while AsiaWolrd-Expo 2 will feature an additional 20,000-seat spectator area, primarily designated for conferences, exhibitions, and international events ranging from music to sport.

Lam added: We are grateful to the HKSAR Government for the policy support and excited to see the positive responses from the business community. We look forward to working with investors to make ‘SKYTOPIA’ a key economic driver of Hong Kong and beyond.”

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