HSBC backs Kai Tak Sports Park

HSBC has signed on as the first major sponsor of Kai Tak Sports Park (KTSP) in Hong Kong.

Through the long-term deal announced today (Wednesday), the financial services group becomes the exclusive premier founding partner of the sports and entertainment complex, which is due to officially open in the first quarter of 2025.

Through sponsorship and strategic collaboration, HSBC will support KTSP in promoting community sports development. This programme includes the construction of Hong Kong’s first outdoor AirBadminton court at the Kai Tak Mall.

The two parties said they will leverage their strengths to collaborate in five key areas for creating unique experiences – brand integrations, “win-win business opportunities”, marketing and communications, community engagement, and premium hospitality offerings. Additionally, HSBC plans to establish a flagship branch and ATM services in Kowloon East at KTSP.

Luanne Lim, CEO in Hong Kong for HSBC, said: “KTSP not only reflects Hong Kong’s success on the global stage but also serves as a vibrant hub for our community. I look forward to welcoming our international clients to the Cathay/HSBC Hong Kong Sevens at the Main Stadium next March.

“This partnership also aligns with our upcoming celebration of 160 years in Hong Kong. We are excited to partner with KTSP to enhance Hong Kong’s presence in international sports and entertainment.”

John Sharkey, project director of KTSP, added: “By leveraging Kai Tak Sports Park’s world-class multipurpose facilities, we will have international sports and entertainment events. This collaboration aims to develop a platform that boosts the city’s reputation and economic activity in this sector, transforming Hong Kong into an event capital by injecting continuous new momentum into our local economy.”

The major facilities of KTSP are expected to be completed in phases by the end of 2024, with a grand opening planned for the first quarter of 2025. Images were released yesterday showing the interior of the 50,000-seat Main Stadium.

The wider KTSP complex will also feature the 5,000-capacity Youth Sports Ground and a 10,000-capacity Kai Tak Arena. Kai Tak Youth Sports Ground hosted the first test event at the complex on October 27, as around 1,000 fans attended a second-tier football match between Sai Kung and Wong Tai Sin.

Over the weekend, Kai Tak Arena hosted its first test event as the basketball teams of Sai Kung and Wong Tai Sun played out a friendly game. Around 8,000 seats were made available for the game.

Hong Kong property development group New World Development last month concluded a deal to sell its entire stake in the KTSP project to its parent company, Chow Tai Fook Enterprises (CTFE).

New World initially announced in September that it was in talks over a deal as it detailed wider restructuring plans following the declaration of its first financial loss in two decades. Kai Tak Sports Park Ltd (KTSPL) was formed as a subsidiary of New World and NWS Holdings to oversee the design, build, construction and operation of the multi-venue development.

New World had held a 75% stake in KTSPL, with the remainder controlled by NWS Sports, a subsidiary controlled by conglomerate NWS. New World last month declared that it has entered into a sale and purchase agreement with CTFE through which the latter will take full control of its KTSPL stake at the consideration of HK$416.7m (£42.17m/€50.68m/$53.54m).