New World Development Co. is facing mounting pressure as tenants withdraw from its HK$20 billion ($2.6 billion) 11 Skies mall near Hong Kong International Airport, according to people familiar with the matter. Departures include Chow Tai Fook Jewellery Group Ltd., Uniqlo, Y-3, and Lukfook, leaving large sections of the 3.8 million-square-foot complex vacant amid a retail downturn.
Originally envisioned as Hong Kong’s largest shopping and entertainment hub catering to mainland Chinese visitors, 11 Skies has suffered delays and financial strain. The airport’s Terminal 2 expansion, once expected to drive foot traffic when it opened in March, has been postponed by two to three months, pushing the mall’s full opening to at least mid-2026.
New World is under pressure to revise its deal with Airport Authority Hong Kong, which requires guaranteed rent of HK$1.8 billion annually or up to 30% of revenue from 2028. The authority is considering alternative operators and may waive some rent in exchange for control, as the developer seeks asset sales and fresh capital to ease its debt load.
