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Hong Kong unveils HK$10.6 billion plan to bail out ailing Ocean Park

01/17/2020| 11:20:00 AM|

Blueprint will transform park into an adventure-themed resort with seven new zones and 20 attractions over the next seven years.

Hong Kong’s government has unveiled a HK$10.64 billion (US$1.4 billion) plan to bail out the financially strapped Ocean Park, with its chairman making an emotional plea for public support.

The revelation on Monday, which confirms an exclusive report by the Post last week, is aimed at transforming the park into an adventure-themed resort, grounded in nature and conservation by making use of its existing site and shoreline.

The expansion plan will create seven zones and 20 attractions over the next seven years. More than 10 existing popular attractions will be upgraded or re-themed, while some current ones will be demolished.

The park warned at a press briefing that its coffers would dry up this year without any fresh capital amid an expected cash flow deficit of more than HK$600 million in the 2019/20 financial year. It also said it would not be able to repay HK$2.3 billion in commercial loans within the next two years.

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TAGS: Hong Kong | Ocean Park | bailout
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