Shanghai Airport Authority (SAA) and Airport Authority Hong Kong (AAHK) signed this week the cooperation agreement upon establishment of an airport management joint venture with a total registered capital of CNY 100 million.
The Shanghai and Hong Kong sides will separately account for 51% and 49% of the JV, and their 20-year partnership is scheduled to start from 2010. Upon the development strategy, the to-be-built JV will manage two aviation terminals of the Shanghai Hongqiao Airport and related retail businesses.
Because of the learn and introduction of Hong Kong's advanced management experience, technologies, and brands, the Shanghai-based airport is expected to further improve its operation efficiency and service, satisfying the demand during the 2010 Shanghai World Expo.
The Shanghai Hongqiao Airport, founded in 1921, has grown into one of Mainland China's busiest aviation hubs. Last year, it aggregately served 22.88 million passengers, and total cargo throughput reached 415,700 tons. Notably, the airdrome's passenger carrying capacity is predicted to foot up to 30 million in 2015.
