The ambitious 11 Skies retail and entertainment complex near Hong Kong International Airport may undergo a significant reset, with reports of the Airport Authority potentially taking majority control. Debates are ongoing about project costs and strategic decisions.

Few things age faster than a business plan built for a world that no longer exists. That may be the most important lesson from the saga of 11 Skies, the vast retail, entertainment and commercial complex beside Hong Kong International Airport that now appears destined for a dramatic reset. Reports that the Airport Authority could take majority control of the project from its private developer have triggered debate over who should bear the cost and who made the wrong bets. The real story of 11...