The Hong Kong government agreed Friday to invest another HK$3.63 billion (US$468 million) into the city’s Disneyland theme park in order to attract more visitors.
Reuters reported that the threat of a planned rival Disney theme park for Shanghai prompted the Legislative Council to approve the contribution.
Financial Secretary John Tsang said the park would “rise up to the keen competition in the region on the tourism front, attracting more family visitors from around the worldâ€
“This substantial investment represents our continued commitment to and confidence in Hong Kong Disneyland and solidifies our partnership with the Hong Kong government helping assure the resort’s long-term success†said Disney Parks & Resorts chairman Jay Rasulo.
Hong Kong now has a 52 percent stake in the park following its conversion of a portion of its HK$6.89 billion outstanding loan to the park into equity.
The expansion will be completed by 2014 and include the three themed lands of Grizzly Trail, Mystic Point and Toy Story Land.
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