Source says Disney has reached deal for Hong Kong expansion

Posted June 25, 2009, 10:05A | Contributed by Jeff

Hong Kong has reached a deal with the Walt Disney Co. to expand the local Disney theme park, seen as necessary to bolster the park's long-term prospects against a Shanghai rival, a government source said on Thursday. The Hong Kong Economic Times on Thursday reported that the deal was expected to be worth HK$7 billion ($903.3 million) of which HK$4 billion would be used for expansion.