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Wednesday, January 08, 2020, 10:29
Disney faces pressure to help ease Hong Kong's housing crisis
By Bloomberg
Wednesday, January 08, 2020, 10:29 By Bloomberg

Mickey Mouse and Minnie Mouse stuffed toys hang from a visitor's backpack at Walt Disney Co's Disneyland Resort in Hong Kong, Aug 7, 2015. (JUSTIN CHIN / BLOOBMERG)

Walt Disney Co is the latest company under pressure to help alleviate Hong Kong’s housing woes that have been partly blamed for months of unrest in the city.

The city’s Secretary for Transport and Housing Frank Chan has said he wants to build temporary homes on a 60-hectare patch of land the entertainment giant holds for potential expansion of its Disneyland. Disney, which has seen visitors to its Hong Kong theme park plunge over the past few months because of the anti-government protests stemming from the extradition bill incident, hasn’t revealed any future plans for the facility.

Secretary for Transport and Housing Frank Chan said he wants to build temporary homes on a 60-hectare patch of land the entertainment giant holds for potential expansion of its Disneyland

ALSO READ: HK govt will be proactive on land, housing

Under a 20-year agreement between the Hong Kong government and Disney in 2000, the site can’t be used for housing projects. Disney has the option to renew this pact for 10 more years, giving it enough time to decide on the expansion. A representative for Disney in Hong Kong didn’t immediately respond to a request for comment.

“We hope Disney can consider corporate social responsibility and exempt the site from its contractual restrictions, allowing it to be used for transitional housing,” Chan told lawmakers on Monday.

Wheelock Properties Ltd announced plans in late December to give away several plots of land for affordable housing, following similar moves by New World Development Co and Henderson Land Development Co.

READ MORE: Wheelock Properties joins efforts to solve HK housing woes

Hong Kong’s richest man, Li Ka-shing, who founded the ports-to-telecommunications conglomerate CK Hutchison Holdings Ltd, offered HK$1 billion (US$130 million) to help small businesses hit by the protests.

In November, Disney said operating income at the Hong Kong theme park could decline by about US$275 million in the fiscal year ending September if the demonstrations continued.

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