Hong Kong Aircraft Engineering Company Limited (HAECO) announced on Tuesday that it has reached an agreement with the Aircraft Authority Hong Kong (AA) to build a third hangar in two phases at Hong Kong International Airport (HKIA).

HAECO Chief Executive P.K Chan said at a press conference that at an investment of 380 million HK dollars (48.7 million U.S. dollars), the first phase of the new facility which will cover an area of 15,750 square meters, will be sufficient to be able to accommodate two large wide-body aircraft.

He said, scheduled to start operation in the first quarter of 2009, it will have a specialized focus on efficient provision of light maintenance checks.

Chan said "this agreement reaffirms our long term commitment to contribute to the local economy and demonstrates our faith in the HKIA as our home base."

Chief Executive Officer of the AA David Pang welcomed the construction of the third hangar at the HKIA by HAECO, adding "the burgeoning economy of the Pearl River Delta region has fueled the continued growth of HKIA, resulting in rising demand for aircraft base maintenance service."

Over a rolling 12-month period from July 2005 to June 2006, passenger throughput reached 42.6 million, a year-on-year increase of 8.7 percent and aircraft movements amounted to 275,500, up 11 percent over the previous 12 months.

HAECO, one of the world's leading aeronautical engineering groups, is engaged in the maintenance, modification, repairs and overhaul of commercial aircraft and their components.

Source:Xinhua