>Hong Kong to Expand Stake in Disneyland

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>The Hong Kong Legislative Council Finance Committee on Friday approved an increase in Hong Kong government’s equity in the joint venture with Walt Disney Co., through conversion of HK$6.25 billion ($806 million) of an existing loan to shares, for the expansion development of Hong Kong Disneyland in the next five years.In what local media called “a lucky break,” legislators voted 28-5 with 10 abstentions to approve the unpopular proposal. Legislators who voted for the proposal said they were in a catch-21 situation and described the proposal as “being hijacked,” adding that the expansion proposal “is only a slightly less bad amendment to a very bad agreement.” Legislators project a HK$100 million ($12.9 million) loss within the five years before the expansion is complete.

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