By South China Morning Post | Created at 2024-11-01 04:06:43 | Updated at 2024-11-01 06:40:08
2 hours ago
This article was first published on November 2, 1999
By Angela Li and Stella Lee
$21b Disney park deal sealed
A $21 billion deal has been hammered out between the Government and Disney for a theme park on Lantau, it was disclosed last night.
A $14 billion joint venture will be set up to pay for the park, with reclamation and infrastructure costing another $7 billion.
Of the $21 billion total, the Government will provide $9 billion in cash and $6 billion in loans. The rest will come from Disney and banks.
The deal, which will be officially announced by Tung Chee-hwa today, was reached after seven months of negotiation. Talks concluded early yesterday, 13 hours before the government-set deadline.
