New World Development's Massive White Elephant

11 Skies was billed as Hong Kong's largest "retailtainment"

New World Development had ambitions to have Hong Kong's largest "retailtainment" and tourism landmark located by the airport and near the Hong Kong-Zhuhai-Macau Bridge. 

Called 11 Skies, the 3.8 million sq ft complex would house more than 800 shops and 120 dining options, as well as Vquarium, the city's first-ever "virtual deep-ocean adventure experience", and "Paddington Play Adventures".

The massive retail and entertainment complex was situated in the Northern Metropolis by the border, and encourage mainlanders to come shop, dine and play here. But with the current trend of zero-spend tourists, it's likely they wouldn't come to this mall.

The complex is located in SkyCity, at the airport

As a result, it looks like 11 Skies won't be taking off anytime soon by the look of things.

There are reports the massive space is mostly empty, with only two restaurants open, hoardings are blank with no future tenants named, and escalators weren't turned on. The website only features the name with no information on it.

This does not bode well for 11 Skies, which cost HK$20 billion to build and only 40 percent of it leased, according to Bloomberg.

Meanwhile NWD is saddled with HK$210.9 billion (US$26.9 billion) in debt, and is struggling to repay loans. It needs to strike a deal with banks to refinance HK$87.5 billion of its loans by this month. So far it has secured 60 percent of that amount after pledging some of its most valuable assets like Victoria Dockside, basically its entire Tsim Sha Tsui complex, K11 Musea. 

NWD needs to get tenants in 11 Skies quickly and start paying rent because the Airport Authority will be expecting rent or up to 30 percent of the mall's gross annual revenue, whichever is higher, until 2066.

And if that wasn't enough bad news, NWD's stock value has fallen further. Back in 2019 it was priced at HK$52, and now it's only HK$4.53.

Where's the Freedom to Report on July 1?

Who will report on the July 1 events after 10 media rejected?

Now that we've established that Chinese President Xi Jinping will come to Hong Kong for two days, but not staying overnight and in nearby Shenzhen instead, who will be covering the grand milestone of 25 years since the handover?

Hardly any media for hardly any good reason.

Media organisations had to be invited to attend the July 1 flag-raising ceremony and swearing-in ceremony for the next Chief Executive John Lee Ka-chiu.

Lee claimed press freedom is in back pocket

But then suddenly today at least 10 outlets that had been invited were now rejected because of "security reasons". They include Ming Pao, HK01, South China Morning Post, Now News, Reuters, Bloomberg and Agence France-Presse.

While these media organisations have the option of sending alternate reporters, they must fulfil requirements of testing negative for Covid-19 from a PCR test everyday between last Sunday and July 1 which is impossible now.

It is strange that Ta Kung Pao was also rejected, a very pro-Beijing paper, which is why the Hong Kong Journalists' Association chairman Ronson Chan finds it "perplexing" that all these outlets were rejected regardless of their editorial policy.

"The HKJA expresses utmost regret over rigid reporting arrangements made by the authorities for such a major event," the press group said.

"[C]iting a vague reason for rejection seriously undermines press freedom in Hong Kong. The HKJA urges the authorities to make remedial arrangements and protect the right to report," it added.

Chan finds reporter rejections as "perplexing"

The group is referring to incoming leader Lee's claim that press freedom was a given.'

In April he said that press freedom was already in the "pocket" of all Hongkongers so it did not need defending. That said he promised to pass a "fake news" law and a local version of the security law.

How can he say this when Reporters Without Borders has ranked Hong Kong 148 out of 180 places, when it was 80 last year, and in 2002 it was listed at no. 18?

Initially up to 20 journalists were invited to attend, averaging two per outlet. But then this was cut to one per organisation, and now none.

So it looks like only Chinese domestic media will be allowed to attend, to cover the event for Chinese audiences, not even for Hongkongers.

"China wants the world to see Hong Kong's 25th handover anniversary ceremony and project the narrative that stability has been returned to the city, meanwhile it has effectively banned most international media from covering this important event," said an international journalist who did not want to be named.

Hong Kong is pulling out the stops for its leader and yet its own people can't even report on the event... in other words, no negative reporting at all! An alternate reality will be promoted over and over forever and perhaps this is a signal of how things will be done from now on?!