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On This Day | Hong Kong signs HK$21 billion deal to build Disney theme park – from the SCMP archive

Twenty-five years ago in 1999, the creation of a Disneyland resort in Hong Kong was announced

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Hong Kong’s then-chief executive Tung Chee-hwa shakes hand with Mickey Mouse at Government House in 1999. Photo: SCMP

This article was first published on November 2, 1999

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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.

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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.

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