HKSTP Reports HK$102M in Overdue Receivables Amid Space Economy Challenges
Hong Kong Science and Technology Parks Corporation (HKSTP) reported HK$102 million overdue receivables as of March 2025. The situation arises as the government considers new funding for the space economy. Disputes with the USPACE Technology Group over unpaid rent and management fees led to litigation, with HKSTP claiming HK$47.4 million. USPACE countersued for alleged contract breaches, seeking HK$7.687 billion in damages. The AMC, established to enhance manufacturing, saw no revenue from aerospace operations since 2022, with the company's board experiencing instability.
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As of March 2025, HKSTP reported overdue receivables of HK$102 million, with half provisioned as impairment, as efforts to boost the space economy falter. Disputes with tenant USPACE Technology Group, which leased space at the Advanced Manufacturing Centre, have led to HKSTP filing a claim for HK$47.4 million in unpaid fees.
USPACE counterclaimed for HK$7.687 billion, alleging contract breaches. The AMC, launched in April 2022, aimed to drive advanced manufacturing but has not generated aerospace revenue since 2022. Board instability at USPACE saw significant resignations and a shift of headquarters to Guangzhou. By January 2026, USPACE announced a pivot away from satellite manufacturing in Hong Kong, citing disputes and shifting operations to mainland China.
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