Since it opened 20 years ago, Kansai International Airport has operated under a massive debtload — a legacy of the costs of building the facility on a man-made island in Osaka Bay based on rosy business plans. Passenger demand went off target amid economic doldrums that followed the burst of the bubble just before it opened. In addition, the government's wavering aviation policy left three airports servicing the greater Osaka area.

Now, with business picking up in recent years — thanks to the launch of new flights by budget airlines and a surge in the number of foreign passengers on the back of robust demand from fast-growing Asian economies — the government-owned operator of Kansai International plans to sell its management rights in a bid to repay debts.

While concern lingers that the high reserve price could deter potential buyers, there is hope that the introduction of private-sector business know-how in running the airport will improve its profitability. As the local business community expects, the sale of the airport's management rights should serve as a test case for utilizing private-sector capital to help fund the nation's public infrastructure.