Disneyland In Hong Kong Essay

771 words - 4 pages

Disney in Hong Kong: Negotiations
Negotiations between the Walt Disney Corporation and the HKSAR (Hong Kong Special Administrative Region) government began in 1997 when Disney showed interest in building a theme park in Hong Kong. The two entities created a subsidiary company headquartered in Hong Kong, called Hong Kong International Theme Parks, Ltd. Due to the fact that it was a joint venture; both parties owned a significant amount of shares in the company. The Hong Kong government required that Disney constantly maintain at least a 33% share in Hong Kong International Theme Parks, Ltd. (a total of 1.9 billion shares), and that it may never own more than 57% of the company. After ...view middle of the document...

Disney would be allowed to construct the theme park in the far eastern section of the island near Penny Bay so that natural marine life found in other areas of the island would be unaffected.
To Disney’s surprise, negotiations regarding payment for the land used were long and difficult. In its other foreign theme parks, the native government would purchase the land used for the park. Disney did not expect that the HKSAR would decline to pay for the annual premium, but also that the government would not make an exception to its maximum lease length of 50 years. A large amount of Hong Kong’s tax revenue comes from property taxes, meaning that Hong Kong would remain bold on its decision. Disney finally overcame the obstacle by accepting to pay the annual premium for the 280 hectare site.
Many of Hong Kong’s residence disapproved of their government’s negations with Disney regarding financing the park; many believed that HKSAR sacrificed too much financially in an attempt to please Disney. HKSAR financed the majority of the construction of the project by contributing a total of HK$22.45 billion. The large amount of financial aid given by Hong Kong served as an effort to keep Disney from building the park elsewhere,...

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