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HK carriers to receive HKD1 million per plane financial aid
Hong Kong is dishing out financial support to the city’s airlines at up to HK$1 million per plane.
Details of aid for the beleaguered airline industry were revealed as part of a HK$137.5 billion relief package.
With the largest fleet cash-strapped Cathay Pacific Group are the biggest beneficiary and will bag HK$236 million (US$30.4 million).
"We welcome the government’s latest announcement of relief measures to help businesses, including airlines, during this challenging time," Cathay Pacific said.
Rival Hong Kong Airlines will receive an estimated HK$32 million.
The unique payout provides HK$1 million for large planes weighing at least 54.5 tonnes and HK$200,000 for smaller jets.
"We recognise some sectors are particularly hard hit. Hong Kong International Airport is almost closed," said HK Chief Executive Carrie Lam.
The new financial aid comes after the HK Airport Authority pledged to buy 500,000 flight tickets to ease dwindling cash-flow in the sector.
It is estimated that Hong Kong based airlines have seen revenues decline by HK$46.5 billion so far this year.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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