Hong Kong, Disney reach deal on expansion

According to The Wall Street Journal [subscription required], the Hong Kong government has reached a deal with Walt Disney Co. on the expansion of the Hong Kong Disneyland joint venture. The government will present the details of the plan to city lawmakers sometime next week, say the infamous "people familiar with the situation."

No details of the agreement have yet been released, but with the city of Hong Kong owning the majority share (57%), it's probably safe to say city officials got at least some part of the better end of this. However, Disney has stated that the company is willing to fully fund the park's expansion.

The Hong Kong Economic Times reported this past Thursday that Disney will be investing HK$7 billion in the expansion, which will likely reduce the local government's stake in the park to no less than 51%.

Lifthill will report further on the details of this agreement as more information is made available.