Ocean Park Plan Sets Off A Wave Of Doubts In Legco

"); jQuery("#212 h3").html("

"); });
2020-05-19 HKT 15:06
The bailout plan for Ocean Park is still up in the air with lawmakers repeatedly raising doubts about the theme park's future, with one lawmaker suggesting that it be merged with Hong Kong Disneyland to save it.
Ocean Park is seeking emergency funding saying it will run out of money by next month. The government has proposed HK$5.4 billion in aid to keep it afloat for a year.
But the request was greeted by a wave of scepticism from lawmakers at a Finance Committee meeting, who questioned how the park will survive when government funds run out and what the plans are for the animals in case it shuts down.
Pro-government legislator Junius Ho noted that the facilities and attractions at the park are now "outdated" and that it has failed to take into account changes in trends and tastes.
"Next to the Disneyland theme park, we have land reserved for future developments of Disneyland," he said. "I think we can rejuvenate Ocean Park and move it to where Disneyland is, so the two can merge."
Secretary for Commerce and Economic Development Edward Yau said he had noted Ho's remarks and officials would think about it.
Steven Ho from the biggest pro-Beijing party, the DAB, said he had a dilemma as the park has been called Hongkongers' collective memory, and the animals need a home.
His colleague in the pro-government camp, New People's Party lawmaker Eunice Yung, echoed similar sentiments about the park, but said it has management issues.
Another pro-establishment lawmaker, Liberal Party leader Felix Chung, urged the park to try and restructure some of its debts, saying that it was unfair to expect taxpayers to come to the rescue.
"All businesses are now facing similar difficulties, they’re not willing to pay loans to the banks, and banks are willing to help listed companies, why are banks not willing to help Ocean Park?” he asked.
The DAB’s Elizabeth Quat said the government should withdraw the package and come back to legco with a more detailed plan.
The opposition camp's Shiu Ka-chun asked if the authorities have done a survey to see if people want to keep the park, while Andrew Wan said he had carried out an online poll himself, and 80% of respondents were against the bailout plan.
Ocean Park's CEO Matthias Li said they couldn't ensure the well-being of the 7,000 animals in the park if it were to close.
Hong Kong Stablecoins Bill Officially Passed, Set To Come Into Effect Later This Year
The Hong Kong government welcomed the Legislative Council’s passing of the Stablecoins Bill today, 21 May 2025. The b... Read more
From Fishermans Son To Fintech Founder: How CapBay Grew RM 6,000 To RM 4 Billion
What started as a RM6,000 loan funded out of their own pockets has grown into over RM4 billion disbursed to more than 2... Read more
Ping An Launches EagleX Global Version For Real-Time Climate Risk Insights
Ping An Insurance (Group) Company of China, Ltd, announced that its subsidiary, Ping An Property & Casualty Insuran... Read more
FWD Resubmits Hong Kong IPO Application Amid Market Recovery
FWD Group, an insurance company backed by billionaire Richard Li Tzar-kai, submitted a new application for an initial p... Read more
Hong Kong Police Crush HK$118M Crypto Laundering Ring, 500 Mule Accounts
In a fresh crackdown on crypto-related crime in Hong Kong, the Hong Kong police arrested 12 individuals for running a c... Read more
Adyen And JCB Launch Card-on-File Tokenisation To Boost Payment Security
Adyen and JCB Co., Ltd. have launched JCB’s card-on-file (COF) tokenisation service, designed to improve the securit... Read more