Tickets for the Hong Kong Observation Wheel on the Central Harbourfront will be priced at HK$20 (US$2.60) for adults when it reopens by the end of this year. The new price is a big drop from the previous HK$100 a ride.

The Ferris wheel was temporarily closed in August during a change in ownership. The new operator, The Entertainment Corporation Limited (TECL), has partnered with AIA Group for a three-year tenancy, Headline Daily reported.

Seniors will enjoy discounts and children under three years old will have free entry.

TECL said it was planning to hold a series of free events throughout next year.

Michael Denmark, chief executive officer of TECL, said the attraction  would be reopened by the end of this year. The company wants to fix the entry fee at HK$20 for the next three years, hoping to attract more customers.

Travel sector lawmaker Yiu Si-wing welcomed the new ticket price, saying he  believed it would attract more locals and tourists, Apple Daily reported.