Hong Kong taxpayers will gain if Disneyland starts doing well

It is unfortunate that Mr Wong regards Disneyland as the sole beneficiary of the government’s investment of HK$5.45 billion.

As the majority (53 per cent) shareholder of Disney’s Hong Kong theme park and hotels, the government and taxpayers of Hong Kong stand to benefit should Disneyland’s profitability begin to improve.

Nor is it true that Hong Kong Disneyland has always been a money loser. Its profits increased steadily from 2011 to 2014, in tandem with the expansion of mainland China’s tourism in Hong Kong.

It dived into a losing streak after the government halted the multiple-visit arrangement for residents of Shenzhen in 2015.

In the three overseas Disney theme parks around the world (Tokyo, Paris and Hong Kong), each government had to invest substantially by way of cash injection or construction of infrastructure to encourage Disney to bring its theme parks to its country or region. Hong Kong’s financing arrangements are no different. It should also be borne in mind that when Hong Kong courted Disney in the late 1990s, the city was suffering from high unemployment, especially among young people, as a result of the Asian financial crisis. Hong Kong was also in competition with Singapore in courting Disney. Our success at that time was hailed by the community as a shot in the arm and a reassurance of our attractiveness to a global creative giant.