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HK disney expansion plan

2009-07-01 18:21 BJT

Walt Disney Company said on Tuesday that it will invest 3.5 billion HK dollars to expand its Hong Kong theme park. Commerce and Economic Development Bureau of SAR held a news conference to give more details.

The head of the bureau said SAR government has already reached an expansion agreement with Disney company, which consist of 30 new attractions in three new "land", two of which will be exclusive to Hong Kong Disneyland for five years after opening. The park will have exclusive rights in Asia to the third new "land" for five years.

The first area will take three years to complete and the next two will begin over the following two years with the entire expansion set for completion in 2014. Officials said Hong Kong will not invest more capital in the joint venture but would convert a substantial part of its loan to the project into equity. After the agreement, Hong Kong SAR will still be the biggest share holder of Hong Kong Disney, but the shares will drop from 57 percent to 52 percent.

The expansion of Hong Kong Disney will create more than 3 thousand employment in construction industry, and 600 employment after completion. It's estimated that Disney will bring an income between 65 to 120 billion in the coming forty years.

Editor: Liu Anqi | Source: