Hong Kong must build the second cruise terminal as soon as possible to stay in the race to become the industry leader in Asia, analysts say. Ken Wai Yip-kai, a director of architectural firm Aedas, expects the city to have the most successful cruise terminal in Asia in terms of location and attractiveness. But he said the city needs to build a new and modern terminal fast to avoid losing out to its competitors in the region. Chief Executive Donald Tsang Yam-kuen, in his policy address on Tuesday last week, gave the go-ahead for the construction of a cruise terminal at Kai Tak airport in East Kowloon but revealed no development details. It will be a big draw if Hong Kong can become the cruise hub of Asia, he said. The Ocean Terminal in Tsim Sha Tsui was built in the 1960s. Apart from Shanghai and Xiamen, Shenzhen is considering building a cruise terminal, while Singapore is planning to expand its cruise industry and has set up a S$10 million (HK$49.12 million) fund to boost it, said Mr Wai. Eric Wong, a co-head of Asian property research at UBS, believes other cities are unlikely to replace Hong Kong as a popular cruise destination in Asia. However, a delay in building a new terminal will lead to Hong Kong losing potential arrivals, Mr Wong said.