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Any update on whether the new announced expansions gets approved or refused?

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  • #16
    Originally posted by HKDLFAN View Post

    Thanks! Any indication as to when that meeting will be? Also what is that piece of news floating around suggesting HKDL be turned into a housing area??
    1. Probably sometime in March.
    2. That just some guy who made a comment on facebook or instagram or twitter. It is nothing. The land that HKDS occupies is for tourism/commercial use not for housing use. They can't do it. No one will want to live there anyway given the high transport costs.
    Jul 1992: Disneyland Paris
    Apr 2006: Hong Kong Disneyland
    Jul 2010: Disneyland and Disney's California Adventure
    Mar 2011: Hong Kong Disneyland
    Jul 2013: Tokyo Disneyland and Tokyo DisneySea
    Sep 2013: Hong Kong Disneyland
    Jul 2014: Disney California Adventure

    Comment


    • #17
      Originally posted by Asa View Post

      1. Probably sometime in March.
      2. That just some guy who made a comment on facebook or instagram or twitter. It is nothing. The land that HKDS occupies is for tourism/commercial use not for housing use. They can't do it. No one will want to live there anyway given the high transport costs.
      Ah okay that is a relief. It was published as an op-ed on SCMP as well... which has been calling for Disney's closure as early as 2005. That newspaper has never been kind on HKDL.

      Comment


      • #18
        I just read that article, the arguments are so weak it cannot even stand. Hong Kong does have a big housing shortage but the Disney site is not the solution. There are much more valuable sites that are used as parks right now and they cost a lot of money to maintain, too. Zoological and Botanical Garden and Hong Kong Park come quickly to mind. Then of course Ocean Park lost even more money than Disney last year. If you shut all the money losing parks in Hong Kong then you will have no parks at all.

        The legislators yesterday were not even arguing about the extra funding, they just said WDC is taking too much royalties and trademark money, even when the park is losing money. They want WDC to take less when the park is losing money.

        I think they understand the need for the park to expand for the good of the tourism industry. They also understand it is not every city, or even every Disney park, that gets WDC to inject millions in a park for expansion. They just feel that when the park is at a low, WDC should ride with Hong Kong as well.
        Last edited by Asa; 02-27-2017, 10:55 PM.
        Jul 1992: Disneyland Paris
        Apr 2006: Hong Kong Disneyland
        Jul 2010: Disneyland and Disney's California Adventure
        Mar 2011: Hong Kong Disneyland
        Jul 2013: Tokyo Disneyland and Tokyo DisneySea
        Sep 2013: Hong Kong Disneyland
        Jul 2014: Disney California Adventure

        Comment


        • #19
          UPDATE :

          new proposal from WDC

          1/. share equally 50/50 (instead of previously HKgov 53% vs Disney 47%) in the 1.4 billion expansion funding,
          The additional funding from WDC comes from HKgov exchanging 1% share. Bringing the new shareholding to 52% HKgov and 48% Disney)
          2/. waive the management fee of 2018 and 2019 that HKDisney normally needs to pay WDC annually
          3/. 50 000 free tickets for HK citizens ( lucky draw method)

          the new proposal will be tabled as early as end of this week.
          Last edited by hakjie11; 03-28-2017, 07:05 AM.

          Comment


          • #20
            Just to clarify:

            1. WDC will stump up an extra HK$350 million for expansion in return of 1% extra shareholding. This means both parties will be investing an equal HK$5.45 billion. That will change the shareholding for HK gov from 53% to 52% while WDC will increase from 47% to 48%.
            2. WDC will waive the management fees of 2018 and 2019.
            3. 50,000 free tickets for HK citizens.

            The proposal will be tabled to the finance committee on Saturday.

            But the LegCo members are mostly still against it, whether the democrats or establishments. Michael Tien insists WDC must change its way of charging management fees especially when the park is losing money, otherwise he will not support the bill. Other legislators claim WDC makes money by charging design and engineering fees (WDI) on the expansion, so the money WDC puts in is just a matter of passing it from one hand to the other, so it is not a fair deal.

            Democratic Party chairman Wu Chi-Wai said he would like the Marvel Superhero attractions to get exclusive clause for HKDL in Asia. That means Shanghai and Tokyo will not get these attractions. I think that is a fair demand.
            Last edited by Asa; 03-29-2017, 04:29 AM.
            Jul 1992: Disneyland Paris
            Apr 2006: Hong Kong Disneyland
            Jul 2010: Disneyland and Disney's California Adventure
            Mar 2011: Hong Kong Disneyland
            Jul 2013: Tokyo Disneyland and Tokyo DisneySea
            Sep 2013: Hong Kong Disneyland
            Jul 2014: Disney California Adventure

            Comment


            • #21
              http://www.thestandard.com.hk/sectio...0170329&sid=11

              The Standard

              Disney to inject another $350m into expansion

              The Walt Disney Company has promised to increase its injection into Hong Kong Disneyland's expansion, giving it better leverage when asking lawmakers to approve government funding.
              The US entertainment giant promised to inject an additional HK$330 million for the park's expansion, taking its total contribution to HK$5.45 billion - the same amount to be committed by the government once lawmakers give the project the green light.

              Beside the financial proposal, Disney will offer 50,000 complimentary tickets to locals through lucky draws in the coming months.

              In a proposal to the Legislative Council in November 2016, Disney and the government proposed to share the project cost of HK$10.9 billion according to the existing shareholding ratio of 53 percent by the government and 47 percent by Disney. That would mean HK$5.12 billion by Disney and HK$5.78 billion by the government.

              A document sent to lawmakers yesterday showed a revised plan in which Disney and the government would fund the project on an equal basis, or HK$5.45 billion each.

              The money would be injected into Hongkong International Theme Parks Ltd - the joint venture company that owns Hong Kong Disneyland - to support the expansion plan at the Phase 1 site of the theme park.

              After completion of the capital injection, the government would hold 52 percent of the company's shares and Disney 48 percent.

              Disney is believed to have agreed to the new plan to "shoulder more responsibility" as it wants to push through the expansion project as adding attractions would boost attendance.

              The plan aims to fund the launch of at least one new attraction almost every year from 2018 to 2023, which would increase the number of themed areas from seven to nine.

              In the financial year October 2015 to September 2016, Hong Kong Disneyland suffered a loss of HK$171 million, its second year in the red.

              The funding proposal will be discussed in Legco Financial Committee on Friday.
              Jul 1992: Disneyland Paris
              Apr 2006: Hong Kong Disneyland
              Jul 2010: Disneyland and Disney's California Adventure
              Mar 2011: Hong Kong Disneyland
              Jul 2013: Tokyo Disneyland and Tokyo DisneySea
              Sep 2013: Hong Kong Disneyland
              Jul 2014: Disney California Adventure

              Comment


              • #22
                Originally posted by Asa View Post
                http://www.thestandard.com.hk/sectio...0170329&sid=11

                The Standard

                Disney to inject another $350m into expansion

                The Walt Disney Company has promised to increase its injection into Hong Kong Disneyland's expansion, giving it better leverage when asking lawmakers to approve government funding.
                The US entertainment giant promised to inject an additional HK$330 million for the park's expansion, taking its total contribution to HK$5.45 billion - the same amount to be committed by the government once lawmakers give the project the green light.

                Beside the financial proposal, Disney will offer 50,000 complimentary tickets to locals through lucky draws in the coming months.

                In a proposal to the Legislative Council in November 2016, Disney and the government proposed to share the project cost of HK$10.9 billion according to the existing shareholding ratio of 53 percent by the government and 47 percent by Disney. That would mean HK$5.12 billion by Disney and HK$5.78 billion by the government.

                A document sent to lawmakers yesterday showed a revised plan in which Disney and the government would fund the project on an equal basis, or HK$5.45 billion each.

                The money would be injected into Hongkong International Theme Parks Ltd - the joint venture company that owns Hong Kong Disneyland - to support the expansion plan at the Phase 1 site of the theme park.

                After completion of the capital injection, the government would hold 52 percent of the company's shares and Disney 48 percent.

                Disney is believed to have agreed to the new plan to "shoulder more responsibility" as it wants to push through the expansion project as adding attractions would boost attendance.

                The plan aims to fund the launch of at least one new attraction almost every year from 2018 to 2023, which would increase the number of themed areas from seven to nine.

                In the financial year October 2015 to September 2016, Hong Kong Disneyland suffered a loss of HK$171 million, its second year in the red.

                The funding proposal will be discussed in Legco Financial Committee on Friday.

                Thanks for the update!

                9 lands!? That is a lot for such a small park. But then again, HKDL is often billed to have "over 100 experiences" so I'm not surprised it's being pushed for more lands. Hmm, does this mean Tomorrowland is going to stay and Marvel-land will be separate? Interesting.

                And hopefully we get something positive on Friday! It's hard to imagine this expansion being delayed more and more as each year the theme park industry gets more competitive, especially in Asia. HKDL needs to get its act together asap.

                Comment


                • #23
                  Even as a Disney fan myself and waiting for months to see it approved, I have to say that voting against it might sound like the logic thing to do this time.

                  1/. the 350 million is in fact not an injection, more like a cash exchange for an additional 1% in shares. This 1% belonged to the government, meaning it belonged to the HK citizens and the cash is now going back into Disney park again. So who is actually financing this? HKgov or Disney? I mean if I sold my shares to a bank and the bank gives me money for it, this money goes back into the business, would you call the bank the investor or me?

                  The other 2 points :
                  2/. "Partially" waive the management costs for 2 years. C'mon is it really that difficult to just waive it entirely for 2 years. It is still a money losing park after all. You can take whatever you want when its drowned in money.
                  3/. 50 000 Free tickets. With the attendance dropped, this is a win-win for Disney. It could attract new customers and benefiting Disney at the end. Ocean Park were already offering heavily discounted tickets to celebrate its 40th year so it was not really something entirely new. Had they done it before Ocean Park then it would have a much better impact on the public.

                  So in fact Disney didn't put much on the table and wants to get 5+ billion HKD from HK again to expand.
                  If I was a non-Disney fan, this would have been 100% a NO without doubt.

                  Disney is in a hurry to reach the contractual 8 million attendance requirement or it could lose its purchase rights to the 2nd Gate land. Disney pls step up the game. Time is not on your side now.
                  Btw with the recent land prices going crazy in HK and if you do a rough calculation, the 2nd Gate land is actually worth around 440 billion (or 57 billion USD or 1/3rd the global total value of WDC itself!!!) by itself. IF "theoretically" the government could reclaim it and just sell in on the market as housing land ( Ok I know its not for housing purposes) instant profit of around 400 billion hkd and if you share the profit with every HK citizen, everyone gets 55000 hkd instead of investing 800hkd into a still money losing Disney park. I think this bill would easily pass overnight.
                  I mean I would do a hell lot more efforts if I could purchase a land for development possible worth 1/3rd of my global business.

                  (Secretly wishing the bill to pass, but understandable if it failed and I would blame Disney this time)
                  Last edited by hakjie11; 03-30-2017, 06:49 AM.

                  Comment


                  • #24
                    http://www.thestandard.com.hk/sectio....php?id=181433

                    The Standard

                    HK needs to ride along with Disneyland

                    Editorial | Mar 31, 2017

                    Taipei mayor Ko Wen-je is known for cutting political remarks that belie his reputation as a professional healer.

                    In his latest one, he called Hong Kong a boring place to visit. That putdown was made during a stop in Bangkok to promote tourism, with Kuala Lumpur and New Delhi other rallying points of his Asian tour.

                    Hit by precipitous falls in mainland visitor numbers, Hong Kong and Taipei are going head to head for travelers from other Asian countries to fill the void.

                    Of course, denigrating a competitor rather than designing a campaign around one's own strengths is always going to be self-defeating, with the offensive always going to be seen as self- serving by everyone - and as such serves no one, least of all, Taipei.

                    However, the silence from tourism authorities here in the wake of the noise Ko generated speaks volumes.

                    No comment is the worst possible reaction to the insult. Can the authorities guard their turf a little better the next time, even if they are caught off-guard?

                    Ko's criticism doesn't necessarily reflect how most travelers feel about the Pearl of the Orient, or Fragrant Harbour, but it's conceivable that some of them do feel that way.

                    Look at Hong Kong Disneyland.

                    Twelve years after its grand opening, the spell held by the "Magic Kingdom" over visitors has waned, especially for those who have made the pilgrimage many times before.

                    Unless the theme park is rejuvenated to restore its novelty factor, I'm afraid visitor numbers will continue to drop.

                    It is in no one's interest for Hong Kong Disneyland to be rendered economically insignificant.

                    And that's what the HK$10.9 billion expansion planned for Hong Kong Disneyland is meant to fix. Its expansions and new attractions are sorely needed.

                    The issue at hand is whether the government, which owns 53 percent of the theme park, can use the window of opportunity to squeeze a better deal out of the Walt Disney Company, which stands to cash in from royalties and management fees even if the park slips into red ink after interest, tax and amortization.

                    How will lawmakers in the Finance Committee vote on a funding request that will soon come to pay for the expansion?

                    Ahead of that, Walt Disney extended three olive branches: upping its capital injection by HK$350 million to raise its share to half the expansion cost; suspending variable management fees for two years; and giving away 50,000 complimentary tickets.

                    Mathematically, the concessions do not impress. In exchange for the capital injection, Walt Disney's stake rises to 48 percent from 47. Savings from the variable management fee moratorium are estimated to be in the region of dozens of millions of Hong Kong dollars. The tickets bonanza, while meant as a goodwill gesture, is really nothing more than a public relations exercise.

                    In needling the SAR, Ko could be doing the government a favor as his criticism may prompt some lawmakers to change their minds and get them to approve the funding needed for the theme park to stay up to date.
                    Jul 1992: Disneyland Paris
                    Apr 2006: Hong Kong Disneyland
                    Jul 2010: Disneyland and Disney's California Adventure
                    Mar 2011: Hong Kong Disneyland
                    Jul 2013: Tokyo Disneyland and Tokyo DisneySea
                    Sep 2013: Hong Kong Disneyland
                    Jul 2014: Disney California Adventure

                    Comment


                    • #25
                      If this get rejected, I think they should look into the recent Paris Disney finance plan from WDC.

                      Comment


                      • #26
                        Any update from the Finance Committee meeting today?

                        Comment


                        • #27
                          After 4 hour discussion (many questioning the unequal deal) they didn't have enough time to vote. But if they did vote today, it would be a guaranteed NO.
                          Last edited by hakjie11; 04-01-2017, 02:43 AM.

                          Comment


                          • #28
                            They actually dug up another thing in the discussion :

                            A lawmaker noticed that the new proposed deal included Disney agreeing on giving up on the building height restrictions for the lands surrounding the park. Not many noticed this little innocent add-on agreement and what it actually means.
                            This building height restrictions was a requirement from Disney in the original contract with the HKgovernment, by not having tall buildings nearby disturbing its magical scenery, it could preserve the magic in its park.
                            They think that this might be the main reason why the government is supporting this unequal deal in the first place. The HKgov had big plans to develop Lantau area (housing, commercial, logistics, tourism,...). But this height restriction will get in its way and therefore the mouse needs to be pleased.

                            Last edited by hakjie11; 04-01-2017, 03:51 AM.

                            Comment


                            • #29
                              The deal is for the height restriction area to be reduced, not removed altogether. This will allow the government to develop Kau Yi Chau into a commercial as well as residential area as well as a new route to Lantau Island, two islands off the west coast of HK Island.

                              But Gregory So is not from the Development Bureau, which is responsible for land development, so he has no answers for the legislators.
                              Jul 1992: Disneyland Paris
                              Apr 2006: Hong Kong Disneyland
                              Jul 2010: Disneyland and Disney's California Adventure
                              Mar 2011: Hong Kong Disneyland
                              Jul 2013: Tokyo Disneyland and Tokyo DisneySea
                              Sep 2013: Hong Kong Disneyland
                              Jul 2014: Disney California Adventure

                              Comment


                              • #30
                                http://news.rthk.hk/rthk/en/componen...6-20170401.htm

                                Disney expansion funding still not approved

                                Saturday's Finance Committee meeting in Legco has ended without it approving a HK$5.5 billion funding application to finance the expansion of Hong Kong Disneyland.

                                Lawmakers spent the morning discussing whether the taxpayer should shoulder half of the total expansion cost.

                                Commerce Secretary Greg So said the agreement between the government and Disney was reasonable. He called on legislators to approve the funding as soon as possible so as to boost the theme park's competitiveness.
                                Jul 1992: Disneyland Paris
                                Apr 2006: Hong Kong Disneyland
                                Jul 2010: Disneyland and Disney's California Adventure
                                Mar 2011: Hong Kong Disneyland
                                Jul 2013: Tokyo Disneyland and Tokyo DisneySea
                                Sep 2013: Hong Kong Disneyland
                                Jul 2014: Disney California Adventure

                                Comment

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