Cathay Pacific Airways broke ground today on its new HK$4.8 billion ($614.7 million) cargo terminal at Hong Kong International Airport.

he common-use terminal is to be completed in the second half of 2011 with a designed annual cargo capacity of 2.6 million tons, the airline said.

Cathay and Hong Kong officials say the new facility is key to retaining Hong Kong's status as a top air freight hub in Asia.

The hub will be operated separately from Cathay Pacific Cargo under a 20-year concession.