Hong Kong – June 3, 2025 — New World Development’s ambitious retail and entertainment complex, 11 SKIES, located adjacent to Hong Kong International Airport, is reportedly facing occupancy challenges, with only about 40% of its retail spaces leased. This figure falls significantly short of the company’s target of 70% occupancy by the end of the year, as previously reported by local media sources.
11 SKIES, touted as Hong Kong’s largest integrated retail, dining, and entertainment hub, encompasses over 3.8 million square feet and was developed at a cost of HK$20 billion. The complex features more than 800 shops, over 120 dining options, and several entertainment attractions, including Hong Kong’s first 4D motion flying theatre and the immersive ARTE MUSEUM. Despite these offerings, the project has struggled to attract tenants in a sluggish retail market.
Industry insiders attribute the low occupancy rate to a combination of factors, including Hong Kong’s ongoing economic recovery, shifts in consumer behavior, and increased competition from online retail platforms. Additionally, the project’s location, while strategically positioned near the airport and the Hong Kong-Zhuhai-Macao Bridge, may pose accessibility challenges for local shoppers.
New World Development is concurrently managing a significant refinancing effort, seeking to address its HK$87.5 billion debt obligations. The underperformance of 11 SKIES adds pressure to the company’s financial restructuring plans, as the project’s success is integral to its broader business strategy.
As the retail landscape continues to evolve, the future of large-scale developments like 11 SKIES remains uncertain. Stakeholders will be closely monitoring the project’s progress and New World Development’s ability to adapt to the changing market dynamics.