Wheel deal: AIA reopens Hong Kong’s observation wheel

After more than two months of closure, Hong Kong’s observation wheel is set to reopen as part of a new AIA Vitality Park at the Central harbourfront.The Entertainment Corporation Limited (TECL) announced the commencement of its three-year tenancy as the new operator of the Hong Kong Observation Wheel site yesterday and confirmed the new ticket price per ride at HK$20.In a statement, the company said it was partnering with insurance giant AIA Group as the exclusive principal sponsor to operate the wheel and the date for an official opening ceremony would be announced in the coming weeks.Starting next year, AIA Vitality Park will feature a range of health and wellness-related events, attractions and activities, all of which will be free of charge.According to The Standard, Michael Denmark, chief executive of TECL, said the price is not a "short-term promotion", that HK$20 for adults will apply throughout a three- year contract period.The wheel will now be known as “The Hong Kong Observation Wheel Presented by AIA”.Under a three-year contract, TECL will lease the land covering an area of 7,320 square meters for HK$1.5 million a month.(Read more: AIA explains why sponsorship strategies beat ads)Commenting on the partnership, Stuart A. Spencer, group chief marketing officer of AIA said, “AIA is very proud to be headquartered in Hong Kong and we are delighted to be in a position to help reopen The Hong Kong Observation Wheel,”“We will be working closely with our partner, TECL, over the coming months to ensure that we deliver on our shared vision to develop The Hong Kong Observation Wheel and the AIA Vitality Park to their maximum potential with the aim of providing a unique experience for our customers, employees, agents and the wider community in the years to come.”