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Government not to extend Hong Kong Disneyland option for purchasing expansion property

Sep 23, 2020 Asia, Business, COVID-19, Headlines, Theme Parks, World markets Comments Off on Government not to extend Hong Kong Disneyland option for purchasing expansion property

Government not to extend Hong Kong Disneyland option for purchasing expansion property

September 23 — The Government of Hong Kong announced today that while it continues to fully support the existing expansion plan for Hong Kong Disneyland Resort (HKDL) despite the prevailing worldwide tourism downturn, the Government will not extend the option for Hongkong International Theme Parks Limited (HKITP) to purchase the site adjacent to HKDL at Penny’s Bay, having taken into account the current economic conditions.

“HKITP’s strategic direction is to focus on the ongoing multi-year expansion plan featuring a series of new attractions that will continue to position HKDL as a premier tourism destination in the region, and help capture business opportunities upon the gradual recovery of tourism,” a spokesman for the Commerce and Economic Development Bureau said.

“The Government considers it prudent for HKITP to focus on the development and expansion of the existing resort in the coming few years, rather than geographic expansion into the Site,” the spokesman added.

Under the Option Deed signed in 2000, HKITP, the joint venture company between the Government and the Walt Disney Company (TWDC) for the development and operation of HKDL, was granted the option to purchase the Site for HKDL’s possible expansion. The Option will expire after September 24, 2020, if it is not extended upon agreement by the Government and TWDC. Consequent to the Government’s decision, the right of HKITP to purchase the Site will not be extended.

Since its opening in 2005, HKDL has been one of the most popular tourist attractions for both local and non-local visitors. Up to 2019, HKDL received over 83 million guests, generating total value added of $108.5 billion for Hong Kong’s economy, equivalent to 0.33 per cent of Hong Kong’s Gross Domestic Product, and creating a total of 269 500 jobs (in terms of man-years).

The Site is currently home of a government COVID-19 quarantine facility, which was expanded from 100 units to 800 units in July. An additional 700 units are at the end of the construction phase and expected to be made available by the end of this month.

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