September 24, 1999
Hong Kong -- The government of China is closer to reaching a deal with the Walt Disney Company, to build a joint-venture theme park in China.
According to reports, the government of China is about ready to sign the deal to invest up to $4-billion in the new theme park project.
The government's investment will be in the infrastructure for the theme park, as well as low interest loans, and cash for stock.
The negotiations for the new theme park are to be completed in time for the annual policy address from Hong Kong's chief executive, Mr. Tung Chee-hwa.
China officials hope that the Disney theme park project will help with the current unemployment problem in Hong Kong. In addition officials are hoping the project will bring a boost to Hong Kong's lagging tourism.
If a deal is reached the new theme park will be built on 128-hectacres of land, to the north of the new airport on Lantau Island.