The Airport Authority (AA) said on Wednesday that it reached an agreement with New World Development to terminate the sublease of the 11 Skies development project early. The property developer will hand over the mega complex located near the Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge on April 1 next year along with the assets in connection with the development at no cost, and provide cash and cash equivalents of more than HK$3 billion to the authority. The authority said the 11 Skies project will complement Skytopia – a HK$100 billion mega project that aims to transform the area around the airport into a world-class destination for tourism as well as business activities, linking the city and the Greater Bay Area. Its chairman, Fred Lam said the 11 Skies project is more than a usual shopping complex. “The scale of the project is well-suited for large scale entertainment facilities and experience-driven offerings that would not be possible in other indoor venues in Hong Kong. It will be a unique entertainment hub that forms an integral part of Skytopia, whose attraction is not only about stunning hardware,” he said. “We believe it is the software – the contents, culture and holistic offering of an appealing environment that hold the key to success.” The authority's CEO Vivian Cheung, for her part, said the AA has also set up a new subsidiary dedicated to the project, and it aims to commence operations along with major Skytopia components in 2028-29. Edited by Aaron Tam

These are the stocks posting the largest moves premarket.

Stocks in Hong Kong ended in positive territory before the National Day holiday on Wednesday as the Hang Seng Index rose 0.37 percent to close at 24,613 points while the Hang Seng China Enterprises Index rose 0.50 percent, and the Hang Seng Tech Index rose 0.10 percent. Up north, the Shanghai Composite index closed up 0.3 percent while the CSI 300 Index also rose 0.3 percent at market close. Despite the market posting modest gains, Chinese blue chips were stuck near one-year lows on Wednesday even after Beijing unveiled a series of credit and mortgage support steps on Tuesday. The latest measures are the nation's broadest and most powerful in two years, but were not as bold as the policies announced in September 2024 that included rate ⁠cuts and support for the stock market, said Duncan Wrigley, chief China economist at Pantheon Macroeconomics. "It won't solve China's structural imbalances, with sluggish domestic demand and high reliance on exports," Wrigley wrote in a note. The People's Bank of China ⁠lowered its one-year pledged supplementary lending (PSL) rate by 25 basis points to 1.5 percent to support infrastructure investment. Authorities also raised re-lending quotas for tech firms and small businesses, and, battling a long housing downturn, introduced mortgage subsidies for eligible first-time buyers. "The policy is in the right direction. But the government has refrained from strong stimulus, unveiling measures that are not adequate," said Charles Wang, chairman of Shenzhen Dragon Pacific Capital Management. Market sentiment was also cautious ahead of the week-long National Day holiday starting on Thursday. Liquidity has thinned significantly, with combined turnover on China's Shanghai and Shenzhen stock exchanges dropping to 1.41 trillion yuan on Tuesday, its lowest level since July 2025. (Reuters/Xinhua) Edited by Tony Sabine