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November 1, 1999

Disney to Build New Theme Park in Hong Kong

Hong Kong -- The Walt Disney Company has reached an agreement with the government of Hong Kong to build and manage a new theme park development.

Construction on the development is slated to begin next April and the new park is expected to open in 2005.

According to reports from Hong Kong the government will invest $2.6 billion and retain a 50 percent stake in the project.

The deal ends months of negotiations between Disney and the government.

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