Hong Kong's Airport Authority (AAHK) confirmed Thursday it had won approval from Chinese officials to run nearby Zhuhai's airport in a 250 million yuan deal (30 million dollars) over 20 years.
AAHK will take a 55-percent controlling stake in the backwater airport and form a joint-venture management company with Zhuhai municipal government.
Authority chairman Victor Fung said the joint venture, Zhuhai-Hong Kong Airport Management Co Ltd, will pay the 250 million yuan as a franchise fee.
According to a report in the South China Morning Post, the little utilised airport will target the growing low-cost airline market in China.
