{"text":[[{"start":9.1,"text":"A Chinese sovereign wealth fund is considering a sale of its stake in Heathrow airport partly over concerns about the rising cost of developing a third runway at the London hub. "}],[{"start":20.65,"text":"The Chinese Investment Corporation, which is backed by Beijing, has put its 10 per cent stake in Heathrow on “active watch” and is mulling a sale, two people with knowledge of its thinking said."}],[{"start":32.15,"text":"The fund held meetings with financiers to discuss a potential sale late last year but no formal decision has yet been made, the people added."}],[{"start":40.75,"text":"Heathrow wants to spend £33bn building a new runway and terminal complex to allow it to process tens of millions more passengers a year."}],[{"start":49.05,"text":"The long-mooted expansion would be one of the country’s most significant infrastructure projects in decades, but it has been beset by delays, environmental opposition and warnings about costs. "}],[{"start":60.65,"text":"Chancellor Rachel Reeves wants the runway to be operational by the mid-2030s, an ambitious timeline that would require construction to start before the end of this decade. "}],[{"start":70.5,"text":"But CIC is concerned that commercial aspects of the airport, including the steep costs, undermine the business case for expanding the airport."}],[{"start":79.3,"text":"Airlines including British Airways have raised similar concerns, warning that the costs could be off-putting to carriers and that the total bill for the project, which includes moving part of London’s M25 motorway, may be far higher than currently forecast. "}],[{"start":94.75,"text":"CIC has held a stake in Heathrow since 2012. The airport’s other investors include Ardian, Qatar’s investment authority, Saudi Arabia’s PIF and Singapore’s GIC. Ferrovial, the Spanish investment group, sold its stake in the airport in 2024. "}],[{"start":110.65,"text":"The concerns about Heathrow’s costs come as the airport warned this week that it faces a drop in passenger numbers this year as the Middle East conflict saps travel to and from the region. "}],[{"start":122.2,"text":"The airport is also facing an overhaul of the regulatory model that allows it to claw back its investment by charging airlines landing fees. "}],[{"start":130.35,"text":"The Civil Aviation Authority will recommend a new structure within weeks but Heathrow’s investors have warned that a radical shift will impact the business case behind the third runway investment. "}],[{"start":142.25,"text":"The airport’s boss Thomas Woldbye has said he is convinced that the Heathrow’s hub status and proximity to London mean it can attract new airlines, even if charges rise in the future. "}],[{"start":152.8,"text":"As well as its investment in Heathrow, CIC also owns a 17 per cent stake in the Cadent UK gas distribution network. It is planning to sell up to half of its stake in the company over concerns about Britain’s shift towards green energy. "}],[{"start":167.85000000000002,"text":"CIC was also forced to write down to zero the value of its 8.7 per cent share of Thames Water in 2024. The embattled utility is saddled with £20bn debt and being propped up by an expensive loan from creditors, which are seeking to take over the business."}],[{"start":186.45000000000002,"text":"CIC’s retreat from its UK investments comes as the country has become less welcoming to Chinese investors due to rising national security concerns."}],[{"start":196.20000000000002,"text":"In March, the government blocked a £1.5bn investment by Ming Yang for a wind turbine manufacturing plant at Ardersier Port in Scotland, citing security worries and the risk of over-reliance on a Chinese firm in a critical sector."}],[{"start":210.85000000000002,"text":"China believes that there are increasing currency and regulatory risks in the UK and “there are other places it can invest”, another source close to the CIC talks said."}],[{"start":221.45000000000002,"text":"CIC declined to comment. A Heathrow spokesperson said: The costs for expanding the airport have been reviewed by the CAA and their independent experts have determined they are credible. The project will deliver lower fares for passengers, growth for the UK economy and thousands of jobs across the whole country."}],[{"start":242.35000000000002,"text":"Additional reporting by Cheng Leng"}],[{"start":254.25000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777504513_3337.mp3"}