Stop hoarding land for Hong Kong Disneyland
- A site at the theme park, left idle for two decades, should be rezoned for public housing, whether transitional or permanent
Critics including yours truly have long argued that the so-called phase two Disneyland expansion taking up 60 hectares of valuable land on Lantau Island should be released for housing development.
It seems the government is finally coming around to the idea. Too bad corporate Disney has such a contractual lock on the land that it will be hard to get them to cough up.
In a complete U-turn for the government, Secretary for Transport and Housing Frank Chan Fan has raised the idea to rezone the land to build transitional homes – for people and families queuing for public housing. Up to 20,000 such units may be provided on the site the size of three Victoria Parks.
The reclaimed land has been left idle – except for occasional short-term leases – for two decades. Now, I wouldn’t mind if Hong Kong Disneyland keeps the site, as it is contractually entitled to do so, if it actually has this fabled expansion plan. But I will bet that the theme park, a joint venture between the Hong Kong government and Disney, doesn’t have such a plan and never did. Why? Because there is no money for it.
The timing of Chan’s musings is interesting. The 10-year option Disney has on the site will expire this year. Sadly, the geniuses in our government have allowed Disney to hold two additional five-year options after this year. In other words, it’s 10 more years if Disney chooses to exercise them.
Hong Kong Disneyland does have an expansion plan, but that’s the current phase one going on well into 2023, and only within the boundaries of the existing theme park. It was already heavily subsidised by the government. If you think Disney will actually put money into phase two you are dreaming. Meanwhile, our government in crisis is, understandably, more preoccupied with housing than recreation.
Perhaps Chan is hoping that Disney will follow the example of some local developers and donate land for public development. That’s why he is appealing to its “social responsibility”.
Don’t hold your breath, though. The theme park may have been a financial black hole for Hong Kong’s taxpayers, but it has been a sugar daddy for corporate Disney, which has been insulated from the losses.
Here’s a more realistic idea. Instead of appealing to the conscience of good ol’ American capitalists, negotiate with Disney to buy back the options. Who knows? They got them practically for free; maybe they will give us a discount.