The Airport Authority of Hong Kong Special Administrative Region signed an equity cooperation agreement with Zhuhai Transportation Holding Group on Tuesday to purchase a 35 percent stake in Zhuhai Airport, located in the western bank of the Pearl River estuary, Guangdong province.

The equity cooperation agreement involves an investment valued at about 4.3 billion yuan ($594.39 million).

The move will not only strengthen the cooperation between Hong Kong International Airport (HKIA) and Zhuhai Airport, but also further enhance the development of the world-class airport cluster in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), as well as the aviation industry in the southern Chinese region, according to a statement issued by the airport authority.

Fred Lam Tin-fuk, chairman of the airport authority, said that with the airport authority's investment in Zhuhai Airport, the complementary advantages of the two airports will be strengthened further.

"This not only brings more passenger and cargo flow to Zhuhai Airport, but also facilitates passengers in Zhuhai and even the western cities in GBA, allowing passengers to use the vast aviation network of HKIA to connect with various parts of the world, achieving mutual benefit and win-win results," he said.

Lam Sai-hung, secretary for the Transport and Logistics Bureau of Hong Kong SAR, said the equity cooperation signing marks a new milestone in the cooperation between the two airports.

"The opening of the Hong Kong-Zhuhai-Macao Bridge (HZMB) that operates across the estuary of the Pearl River has shortened the driving distance between the two places and created conditions for further strengthening cooperation in the airport and aviation industries," said Lam.

Huang Zhihao, deputy Party secretary and mayor of Zhuhai, said the close cooperation between the two airports will effectively promote the complementary advantages of Zhuhai and Hong Kong, making positive contributions to the high-quality development of the GBA which is being constructed into a world-class bay area.

Lam Sai-hung, Fred Lam Tin-fuk and Huang Zhihao witnessed the signing ceremony in Zhuhai.

The airport authority and Zhuhai Airport have already worked closely together in previous years. The "Fly from Hong Kong via Zhuhai" policy, which was introduced in December last year, provides seamless air-land-air transfer services between Hong Kong and Zhuhai airports for passengers.

Passengers who fly from mainland cities to Zhuhai Airport can now take dedicated buses via the HZMB to reach the transit building in the restricted area of HKIA and directly proceed to the boarding gate to fly to their destinations around the world, better serving the travel needs of mainland tourists.

The same service applies in reverse, with people flying into Hong Kong being able to transfer to mainland cities via the HZMB and Zhuhai Airport, without the need to undergo Hong Kong immigration procedures.

The policy not only provides more options for international travel, but also plays an active role in supporting the development of the GBA and the building of a world-class airport cluster by giving full play to the connecting role of the HZMB and taking advantage of the complementary resources of Hong Kong and Zhuhai airports.

Meanwhile, the two regions will cooperate to establish a Hong Kong-Zhuhai High-end Aviation Industrial Park, supporting the development of the aviation industry in the region and enhancing the overall competitiveness of the GBA in the following months.

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