An ill-fated cargo plane veered off a runway and plunged into the sea at Hong Kong’s airport early Monday, resulting in the tragic deaths of two individuals.

The aircraft, a Boeing 747 operated by Turkey’s ACT Airlines, was touching down at Hong Kong International Airport at approximately 3:50 a.m. local time (6:50 a.m. AEST) after its journey from Dubai, United Arab Emirates, according to local authorities.

This aircraft was on lease from Emirates, a global airline headquartered in Dubai.

Four crew members on board were successfully rescued and transported to a nearby hospital for treatment.

Initial police reports indicated that two fatalities occurred in an airport ground vehicle.

Emirates clarified that the Boeing 747 freighter, identified as flight EK9788, was being wet leased and operated under the management of ACT Airlines.

In wet leases, the company supplying the plane also provides the crew, maintenance and insurance.

Emirates said there was no cargo on board.

Local Hong Kong broadcasters showed the aircraft partially submerged just off the edge of the airport’s sea wall.

The aircraft’s front half and cockpit were visible above water but the tail end appeared to have broken off.

The crash occurred on the north runway of Hong Kong’s airport, one of Asia’s busiest.

That runway remained closed, while the two other runways at the airport continue to operate.

Hong Kong’s Civil Aviation Department said in a statement it was following up with the airlines and other parties involved in the crash.

Emirates, the Dubai-based long-haul carrier, is known for its passenger flights coming out of Dubai International Airport, the world’s busiest for international travel.

However, it also operates a thriving cargo business out of Al Maktoum International Airport at Dubai World Central, the sheikhdom’s second airport where it plans a $35 billion improvement over the coming decade.

The ACT Airlines flight had taken off from Al Maktoum, known as DWC.

Emirates, owned by a sovereign wealth fund in the city-state, noted in its most recent annual report that it had added two wet-leased Boeing 747s “to serve surging customer demand”.

Emirates has some 260 aircraft in its fleet, the majority either Boeing 777s or double-decker Airbus A380s.

This is a developing story. More to come.