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Hong Kong Gets Nod to Expand Disneyland

The Hong Kong Legislative Council finally passed a HKD5.45 billion(HKD694 million) funding proposal for the expansion of Hong Kong Disneyland, in a bid to defy the competition from the newly built Shanghai Disneyland.

The funds will come from the government’s account of Capital Investment Fund. After long term "dramas", the funding proposal was passed with 30 “yes” votes and 24 “no” votes by the voting council, the plan was opposed by several pro-democracy lawmakers and a number of pro-Beijing camp lawmakers. The government said the expansion would boost Hong Kong's economy upon its completion in 2020. The amusement park will be built are Frozen and Marvel themed areas as part of the expansion.

Last year, the Disneyland reported its first loss in four years, it lost HKD148 million for the year 2014/15 and HKD171 million for the year 2016 financial year.

Disneyland opened its park in Shanghai June last year, the Shanghai Disneyland's financial operation data is yet to be publicized.

- APMR News

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