The fate of Jetstar Hong Kong (Hong Kong Chek Lap Kok) has been sealed after Hong Kong-based property and transportation conglomerate, Shun Tak Holdings, announced it would not invest any further funds into the failed start-up.
"After reviewing the decision and potential course of actions, the Group has resolved not to further invest in the business of JHK and proposed to terminate its establishment and proceed with its winding-up," the firm said in a Hong Kong stock market filing.
Jetstar Hong Kong's other shareholders, Qantas (QF, Sydney Kingford Smith) and China Eastern Airlines (MU, Shanghai Hongqiao), have already confirmed they wish to put an end to the project after it failed to secure an Air Services Licence (ASL) from the Hong Kong Air Transport Licensing Authority (ATLA) in June. In its decision, the ATLA ruled the start-up did not conform to local laws governing an entity's Principal Place of Business (PPB).
As it currently stands, Jetstar Hong Kong's sole remaining A320-200 (sl) has now been sold to a Chinese lessor.
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