Legco is holding back Hong Kong's development of entertainment industry, complains Allan Zeman

Hong Kong will lose out to other Chinese cities within five years at the current pace of development, entertainment mogul Allan Zeman has warned.

The chairman of Ocean Park and Lan Kwai Fong Holdings singled out the Legislative Council for criticism, complaining it was dragging its feet.

The city faces a major threat from Shanghai, Zeman said, where several big entertainment projects are due to be completed in the next three years.

"If Hong Kong moves on at this pace, we will lose out to other Chinese cities in five years' time," he said.

"The chief executive [Leung Chun-ying] does not have the support in the Legislative Council. Legco is blocking government legislation … it is filibustering on the budget bill. Everything is so slow." Lawmakers have submitted 1,917 amendments to the budget bill, which is likely to trigger a marathon debate running from next Wednesday until June at the earliest.

Zeman feels there is good reason for Hongkongers to worry about Shanghai. "There is a new Disneyland coming up in Shanghai in 2016 and it will be much bigger than Hong Kong's.