Hong Kong lawmakers warned of HK$31.6 billion loss if they fail to endorse Disneyland revamp funding
Commerce minister Greg So sounds warning as Finance Committee fails to vote on HK$5.45 billion request to fund city’s share of development cost
In a desperate attempt to press for Finance Committee endorsement, commerce minister Greg So Kam-leung told lawmakers on Saturday that a risk test showed Hong Kong could lose up to HK$31.6 billion in economic benefits over 40 years if Disneyland’s visitor numbers shrank by 15 per cent.
Lawmakers were unable to vote on the funding request at the end of a seven-hour debate, which included two failed motions seeking adjournment of the proceedings.
There were also several scuffles between pan-democratic lawmakers and committee chairman Chan Kin-por.
In one case, Chan had to adjourn the meeting briefly because Raymond Chan Chi-chuen and “Long Hair” Leung Kwok-hung rushed to the chairman’s seat, protesting against his rejection of Eddie Chu Hoi-dick’s call for additional terms to be added to the funding application.
The Finance Committee will continue its discussions on the coming Friday.
While the government – Disneyland’s biggest shareholder – played up the economic and social benefits that would derive from the expansion, lawmakers across the political spectrum urged it to postpone the request until it secured better terms.
“I have more faith in Carrie Lam [Cheng Yuet-ngor]’s administration than this one,” pro-establishment lawmaker Michael Tien Puk-sun said, adding that the chief executive-elect’s tough style would help secure more concessions from the Walt Disney Company – the theme park’s American parent company.
“We have talked to Disney many times. The current terms are the best we can get,” So insisted.
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The controversial HK$10.9 billion expansion project, due to open next year, will feature thematic zones based on the blockbuster Frozen and Marvel superhero films, as well as the transformation of the Sleeping Beauty Castle.