Ocean Park plan explained

2020-05-25 17:24:30

Secretary for Commerce & Economic Development Edward Yau today said the Government has proposed that Ocean Park could reposition itself to highlight its strengths in conservation and education.

Meeting the media this afternoon, Mr Yau said the park could also scale down its rides which incur high maintenance costs.

?It is almost unanimously agreed that the strength and the core competency of the park is on conservation and education. Therefore, we should redouble our efforts to re-emphasise this is the thing that can take the park to the future in a more sustainable manner.

?But having said that, there would need to be adjustments. For instance, the game rides, the mechanical games, given the very heavy financial investment and the high maintenance costs and in the light of reduced visitors, would that be scaled down and give way to some of the more attracting development potential which the park is good at.?

Adjustments in the park's operation, land use and related law are needed for its redevelopment, Mr Yau added.

He also reiterated that the Government was seeking the Legislative Council's approval for a $5.4 billion funding plan to support the park's operation and repay its commercial loans to avoid bankruptcy.

The commerce chief also highlighted the difference between the plan proposed to LegCo?s Finance Committee at the beginning of the year and the current one. 

?When we went to the Finance Committee in January, that $10.6 or $10.7 billion plan was one which (was) aimed at delivering a development programme which allowed the park to invest in a number of major projects, so as to rejuvenate the park, and through which we hoped to regain the financial resources that are needed to cover both the costs, the repayment of loans and also to finance for the future.

?The current package that went to the Legislative Council two weeks ago was largely a rescue plan. Although the amount is reduced by half, the usage is very different. This is largely to repay the immediate loan, which is imminently needed to avoid bankruptcy.?

He added that the COVID-19 epidemic had completely changed the park?s circumstances.

?Now, the difference is drastic but is very simple, because in January we could still talk about investing for the future to bring back revenue. But circumstances have completely changed because of COVID-19, where the park has (been) put to a complete rounding of closure and there is no immediate prospect of bringing it back to any kind of normalcy. So that is why that has changed substantively.

?In facing such financial and also operating challenges, we cannot take on the original assumption or the plan. We must make adjustments. And I think that is a very common message that both the Government and the park are fully committed to, and also echoed by many members who have expressed their views."

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