Hong King Disneyland loses option to purchase land for future expansion.
As Hong Kong Disneyland begins its second COVID-19 related phased reopening today (9/25), it got some bad news regarding possible future expansions. It has been reported that The Walt Disney Company would lose its option to purchase a 150 acre plot of land next to the Hong Kong theme park. This purchase option has been held for the last 20 years and expires this week. The local government decided not to renew the option with the theme park.
Hong Kong International Theme Parks Ltd (HKITP), which is owned by Hong Kong’s local government, owns 53% of Hong Kong Disneyland, Krupp Disney owning the rest.
The economic fallout from COVID-19 has caused Hong Kong to be more fiscally prudent. HKITP has stated their excitement for current expansions planned within the property.
There are no expansions announced that were dependent on this property. So, for all of us excited to see the new lands being developed for this park, rest assured that this news won’t affect those projects.