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Link DetailsDisney?s option for site to end The Government today announced that it will not extend the option for Hongkong International Theme Parks Limited (HKITP) to purchase the site adjacent to Hong Kong Disneyland Resort at Penny's Bay due to current economic conditions.
Under the Option Deed signed in 2000, HKITP, the joint venture company between the Government and the Walt Disney Company for the development and operation of the resort, was granted the option to purchase a site at Penny?s Bay for the resort?s possible expansion.
The option will expire after September 24 if it is not extended upon agreement by the Government and the Walt Disney Company.
Consequent to the Government's decision, the right of HKITP to purchase the site will not be extended.
The Commerce & Economic Development Bureau said 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 the resort as a premier tourism destination in the region, and help capture business opportunities upon the gradual recovery of tourism.
The Government considers it prudent for the company to focus on the development and expansion of the existing resort in the coming few years, rather than geographic expansion into the site, the bureau added.
Since its opening in 2005, the resort has been one of the most popular tourist attractions for both local and non-local visitors.
Up to 2019, it received over 83 million guests, generating total value added of $108.5 billion for Hong Kong's economy, equivalent to 0.33% of Hong Kong's Gross Domestic Product, and creating a total of 269,500 jobs in terms of man-years.
The Government said it continues to fully support the existing expansion plan for the resort despite the prevailing worldwide tourism downturn. |
