The Hong Kong government agreed Friday to invest another HK$3.63 billion (US$468 million) into the cityâ€™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 â€œrise 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 successâ€ 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.