HKSTP Reports HK$102M in Overdue Receivables Amid Space Economy Challenges
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.
