Walt Disney Co will dissipate its choice to buy a plan of the property next to its Hong Kong motif park that was to provide for future development after the city’s authority said on Wednesday, it would not stretch the opportunity due to current economic situations.
The decision arrives as the Chinese-ruled hub attempts to support its flagging market and severely hit the tourism division, which was influenced profoundly by anti-government objections last year and due to the coronavirus.
Hong Kong’s Disneyland resort is maintained by a collective enterprise, Hong Kong International Theme Parks Ltd (HKITP), of which the regional authority holds 53%, and Walt Disney Co continues the rest.
It has been stopped for periods this year. The government said it was discreet to center on the improvement and extension of the current resort in the approaching few years preferably than a geographic extension, according to an announcement on its website.
“HKITP’s strategic objective is to concentrate on the continuing multi-expansion plan highlighting a range of new performances that will resume standing Hong Kong Disneyland as a premier tourism target in the sector,” a spokesperson for the city’s Commerce and Economic Development Bureau said.
The decision to purchase the land, which is nearby the city’s international airport, was granted 20 years before and terminated on Thursday.
A Walt Disney Company spokesperson said that the organization would maintain spending but was “greatly distressed with the Hong Kong government’s determination not to continue the phase 2 land extension opportunity.”
The land designated for Disney has been untouched for years, and activists had supported that public accommodations be mounted on it. As the city encountered a repeated growth in coronavirus infections, governments initiated a provisional quarantine essence.
Disney said on Tuesday, it would open its Hong Kong Park on Sept. 25 to a reduced number of visitors and limited days, with enhanced health measures.
It had closed repeatedly in between July for another time. The Asian financial hub has decreased its coronavirus limitations, including reestablishing theme parks, following the testing of approximately two million personalities in a program established by the Chinese government found 42 cases.