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Disney still Donald's losing card

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Why you can trust SCMP
Jake Van Der Kamp

Three interesting decisions on property have come from the Financial Secretary Donald Tsang Yam-kuen this week, two of them likely to save him money, one to lose.

The loser is that great white elephant, the Disney deal to build a theme park on Lantau Island, and in these protracted negotiations he has finally chosen to employ that old poker player's tactic, the bluff.

Disney has until the end of this month to take it or leave it, he says, because that's the end and other people such as Universal Studios are knocking on the door anyway.

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Well, in poker you can never be sure and if Disney decides it is a bluff when it isn't then we will have a case of Disney takes the Mickey out of Donald's magic kingdom (sorry, couldn't resist that line).

But whether Disney now does the deal at 10 minutes before midnight on October 31 or whether it then goes to Universal Studios, we are apparently still to be lumbered with a hugely expensive circus project on prime land that could be much better put to other uses. This one remains a loser.

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A possible winner is Mr Tsang's remark in Singapore on Wednesday that he has reservations about allocating 200 hectares of land for a microchip manufacturing plant in the New Territories.

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