Singapore and Hong Kong's Airport Dominance Is Under Threat
- Established hubs push on with billion-dollar expansions
- New China hubs may be most powerful threat to old world order
For decades, Singapore and Hong Kong have reigned supreme: as key transit points connecting travelers in Asia to and from the rest of the world. But now, a $1 trillion global airport spree is threatening the status quo.
About half that money is due to be spent on upgrading or building new airports in Asia, the Sydney-based CAPA Centre for Aviation estimates. In Beijing, a new $12.9 billion airport due to open in 2019 will turn China’s capital into one of the world’s biggest aviation hubs. Bangkok’s Suvarnabhumi Airport is set for 117 billion baht ($3.5 billion) of upgrades through 2021 including a third runway. South Korea’s Incheon International Airport is spending 5 trillion won ($4.5 billion) on a second terminal as it aims to become “the world’s leading mega-hub airport.”