HONG KONG, May 11 (Xinhua) -- The government of China's Hong Kong Special Administrative Region (HKSAR) announced on Monday that it has proposed to provide 5.4 billion Hong Kong dollars (697 million U.S. dollars) to Ocean Park to keep it afloat.
Secretary for Commerce and Economic Development of the HKSAR government Edward Yau said at a press conference that the theme park, which has been temporarily closed since late January due to the COVID-19 epidemic, is facing a dire situation with "no visitor nor income".
He expressed hope that the HKSAR Legislative Council would approve the bailout proposal before June so as to save the park.
The HKSAR government had proposed to provide 10.64 billion Hong Kong dollars (1.37 billion U.S. dollars) of funding to the park in January for its redevelopment and financial burden alleviation. However, Yau said given the COVID-19 pandemic and the changing global tourism scenario, the government had to reconsider the support plan.
The new funding proposal aims at supporting the park's operation in the next 12 months, and paying off a commercial debt of around 3 billion Hong Kong dollars (387 million U.S. dollars) so that the park could avoid liquidation, he said.
Chairman of Ocean Park Leo Kung said at the press conference that the epidemic has hit Hong Kong's economy as well as the global economy, and that the theme park is facing an unprecedented challenge.
Without the support, the park will cease operation, which will deal a heavy blow not only to Hong Kong residents and visitors but also to Hong Kong's tourism recovery, Kung said. Enditem
