$10.6b For Ocean Park Mooted

(To watch the video with sign language interpretation, click here.)

The Government has proposed to provide a one-off endowment of $10.64 billion to the Ocean Park Corporation for it to implement a plan to reposition and revitalise the park.

At a press conference today, Secretary for Commerce & Economic Development Edward Yau said the plan is necessary for the park as well as Hong Kong’s tourism development.

“As with any theme park or tourist attraction, it requires constant updating, upkeeping and also adjusting its facilities to cater for the aspirations of the visitors. That is exactly what Ocean Park has been doing in the past year-and-a-half.

“This is also in line with the Government’s tourism blueprint rolled out back in October 2017 that we need to expand and invest in tourist attractions.

“On the one hand, this funding proposal is to finance the enhancement and also upgrading of all the facilities taking into account the needs and also the proven success of the park.”

Mr Yau noted that Ocean Park has been under financial pressure due to the fall in visitor numbers in recent years.

“It has come down a bit with the ageing of the facilities and therefore, it also imposed a certain financial burden on the park on a recurring basis. Not to mention the last seven months with a very sharp decrease in incoming tourists to Hong Kong.

“So, to help the park to ride out this financial storm, this injection of financing would also help the park to tide over this difficult time.”

The Government has also proposed to defer the commencement date of repaying two loans on two park projects, and to provide interest waivers for the loans.

“It is in a way a two-pronged approach, that is why it needs to be a package approach, so that they are given sufficient money to invest for the future to bring back visitors. And at the same time, to cater for the interim financial burden that they are encountering.”