Project leader Andrew Windebank and his team boast the support of motor-racing's ruling body, the Federation Internationale De L'Automobile (FIA), and the Government Flying Service.

He said: 'We have had tremendous support from every section of the Government that we have spoken to. It has been very encouraging. It will be a phenomenal event for the public and will be for the good of Hong Kong. We need this kind of event and we believe the support is out there.'

The Hong Kong Intercontinental Festival of Speed, scheduled for the last weekend of November, is the brainchild of motor-racing fanatic Ingemar Lampa.

Along with his colleagues at Hong Kong Motorsport Ltd, he has spent nearly a year preparing for the two-day event. At its offices in Wan Chai, the company revealed its ambitious plans for stands to seat 20,000 spectators and standing-room for tens of thousands more.

The site on the old runway will be 1,330 metres long and 170 metres wide. The dragsters will barrel down a 400-metre track but will need the remainder of the runway to slow down, such are their speeds.

The world record over the 400 metres stands at 4.48 seconds.

Fuel Tops, the characteristic long-bodied 'hot rods' that trail parachutes to brake, can reach speeds of almost 520km/h thanks to 10-litre, 8,000bhp, fuel-injected V8 engines, encased in a chassis that weighs around 500kg.

Stuart Murdoch, logistics manager, said: 'When you consider that a 747 takes off at around 280km/h and an F-15 at 276km/h, that's pretty fast. And the beauty of this form of racing is that the public not only get to see it close up, they get to feel it, hear it and smell it.'

The team, however, admits that noise is still an issue that has to be resolved with the Environmental Protection Department. While their plan still needs formal approval from the Government, they remain confident.

Mr Murdoch said: 'It's not a problem. There is always a solution to be found.' He expects eight Fuel Tops from around the world, but drawn mainly from the sport's twin hotbeds, Australia and America.

They are also going to include the Harley-Davidson World Championships and a charity race involving Rolls-Royce cars. 'But we also want to encourage local talent, local youth, to become interested in motorsport,' said Mr Murdoch.

'We know the talent and interest is out there. We feel this would be more constructive than being wrapped around a lamp-post in Wan Chai on a Saturday night.'

There will be a team racing under the Hong Kong banner. Christian Ostervall, a Hong Kong resident from Sweden, manages a team in his home country but will fly the SAR flag for the Kai Tak event.

'I think this is a great idea,' Mr Ostervall said. 'Not many people in Hong Kong know about this sport. It will bring in tourists from all over the world.'

Graphic: DRAG01GET