The Government has been accused of hiding its true stake in the joint venture that will build the park. It will have 57 per cent equity in the venture, Hong Kong International Theme Parks, but some financial experts say the complicated structure of the deal means the real stake is about 75 per cent. They say the aim is to play down concerns that the Government has given away too much to Disney. Under arrangements to pay the $4 billion land bill, the joint venture - in which Disney will have a 43 per cent stake - will issue subordinated shares to the Government, which will raise its ownership level to 75 per cent. Their conversion into ordinary shares will be delayed over a 25-year period. By treating the shares as subordinated, the Government can portray its equity in the joint venture at the lower level, analysts and legislators said yesterday. The accusation came as some legislators protested that they were being deprived of information to assess the $27.7 billion deal. Officials have been under pressure not to concede too much to Disney, which initially rejected making an up-front investment. Rather than demand cash for the land as it normally does, the Government overcame Disney's reluctance to spend too much by offering the subordinated shares. Financial analysts and Democratic Party legislator Sin Chung-kai were sceptical about the arrangement and described it as 'unusual'. 'It's a little bit novel,' Mr Sin said. 'If the shares were treated as ordinary shares, the Government's return would have been low.' Citizens Party legislator Christine Loh Kung-wai said she believed the Government's holding would end up being closer to 80 per cent. She said more details needed to be released. 'I would think this is a significant piece of information the Government is withholding,' she said. The issue was raised by financial and economic analysts at the briefing held by government officials on Tuesday. 'One of the reasons they've done it is to sell the project to legislators and the public, particularly after the Cyber-Port debacle,' a property analyst said, referring to the controversial decision to grant land in Pokfulam to a son of tycoon Li Ka-shing without putting it to tender. The shares are not initially eligible for any dividend, which was unusual, an economist said. An equities analyst said: 'The Hong Kong Government's interest in this project is greater than it seems in the first instance.' Deputy Secretary for the Treasury Martin Glass said the deal had been structured that way because the project would not have been viable if an up-front payment had been required for the land. 'We haven't tried to hide anything,' he said.