Disney won't open mainland China park before 2010
12/09/02 02:43 ET
HONG KONG (Reuters) -- Walt Disney Co. said on Monday it is unlikely to open a theme park in mainland China before 2010, allaying fears that the project would hamper the success of Disneyland in Hong Kong, which it is hoped will boost local tourism.
"In all likelihood, a second park in China would not open before 2010," Disney spokeswoman Irene Chan told Reuters.
Hong Kong is banking on a massive US$1.8 billion Disney theme park, its first in China and scheduled to open by early 2006, to buoy the sagging local economy by luring more tourists.
But unconfirmed media reports that the U.S. entertainment giant has signed a letter of intent to build another park in Shanghai sparked fears that the new Hong Kong park would face stiff mainland competition.
But Chan said the company's immediate focus was on the ground breaking for Hong Kong's Disneyland, a joint venture with the local government, in January 2003.
She said Disney recently raised the estimate of visitors to the Hong Kong park to 5.6 million in the first year from 5.3 million previously because of the growing number of tourists coming to the territory.
The company has been in talks about the potential for a second park in Shanghai, or another part of China, for some time.
"We will continue to look throughout the country for theme park opportunities," Chan said, without elaborating.
On Monday, the Asian Wall Street Journal said Chinese officials had encouraged Disney to open a mainland park before 2008. Disney, wanting to avoid a clash that would disrupt the Hong Kong park's opening, notified Chinese officials that it was putting off a mainland park until 2010, the journal said.
Chan declined to comment on the report, reiterating no definitive agreement had been signed over a second China park.
Hong Kong, still mired in the economic doldrums, is hoping its Disney park will draw visitors from mainland China and create thousands of new jobs both at the park and in related tourism sectors such as hotel and retail operations.
Hong Kong's government pledged HK$22.45 billion (US$2.9 billion) in 1999 for the local park and accompanying infrastructure while Disney is investing just HK$2.45 billion.
(US$1=HK$7.8)
12/09/02 02:43 ET
HONG KONG (Reuters) -- Walt Disney Co. said on Monday it is unlikely to open a theme park in mainland China before 2010, allaying fears that the project would hamper the success of Disneyland in Hong Kong, which it is hoped will boost local tourism.
"In all likelihood, a second park in China would not open before 2010," Disney spokeswoman Irene Chan told Reuters.
Hong Kong is banking on a massive US$1.8 billion Disney theme park, its first in China and scheduled to open by early 2006, to buoy the sagging local economy by luring more tourists.
But unconfirmed media reports that the U.S. entertainment giant has signed a letter of intent to build another park in Shanghai sparked fears that the new Hong Kong park would face stiff mainland competition.
But Chan said the company's immediate focus was on the ground breaking for Hong Kong's Disneyland, a joint venture with the local government, in January 2003.
She said Disney recently raised the estimate of visitors to the Hong Kong park to 5.6 million in the first year from 5.3 million previously because of the growing number of tourists coming to the territory.
The company has been in talks about the potential for a second park in Shanghai, or another part of China, for some time.
"We will continue to look throughout the country for theme park opportunities," Chan said, without elaborating.
On Monday, the Asian Wall Street Journal said Chinese officials had encouraged Disney to open a mainland park before 2008. Disney, wanting to avoid a clash that would disrupt the Hong Kong park's opening, notified Chinese officials that it was putting off a mainland park until 2010, the journal said.
Chan declined to comment on the report, reiterating no definitive agreement had been signed over a second China park.
Hong Kong, still mired in the economic doldrums, is hoping its Disney park will draw visitors from mainland China and create thousands of new jobs both at the park and in related tourism sectors such as hotel and retail operations.
Hong Kong's government pledged HK$22.45 billion (US$2.9 billion) in 1999 for the local park and accompanying infrastructure while Disney is investing just HK$2.45 billion.
(US$1=HK$7.8)
