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Three options for The Hong Kong Observation Wheel

2017/9/4 — 12:57

Archive photo of wheel 2016 l Chris Goldberg @ flickr —Attribution-NonCommercial 2.0 Generic (CC BY-NC 2.0)

Archive photo of wheel 2016 l Chris Goldberg @ flickr —Attribution-NonCommercial 2.0 Generic (CC BY-NC 2.0)

Who will get Michael Denmark (The Entertainment Company Limited or TECL) (better known from the AIA carnival) the HK$125m he needs to buy the wheel? (I recall that designing and building the wheel was 250m and assume that Swiss AEX is asking for half.)

Government says it assisted the negotiations. AEX says that there was an agreement, but that the new company failed to transfer the money. So Denmark was in breach and does not have the money?

If Denmark can’t afford buying a wheel which can earn money immediately, than he certainly does not have the money to build a new one to the same standards. And pay rent for two years while building it.

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Or does he plan on getting a cheap small fancy fair wheel from Europe? Only to find out it is not typhoon proof? And would look very silly on the waterfront?

Why did Government give Denmark the deal? It appears they only considered the money. Denmark offered 1.5m per month, half a million more than Swiss AEX paid in rent. And Government says he offered a lower price for each ride.

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But at 100 dollar a ride Swiss AEX said to break even. So how did Denmark plan to earn back the investment? By selling the information of each passenger to an insurance company? By trying to get the AEX wheel for free? By getting HK a cheap wheel?

government will have to explain all that.

Now government has three options: 1) Keep the ferris wheel operating. 2) A cheap wheel after a long closure of the site. 3) Or no wheel ever again.

To achieve the first and best option government can either A) let Swis AEX continue and cancel the deal with Denmark as his failure to put the agreed money in escrow proved he has no financial standing; or B) government finds someone, anyone, to give Denmark the money he needs to buy the ferris wheel from Swiss AEX.

What will it be?

 

( Posted on facebook/PZPage )

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