This aerial view shows various attractions and the Hair Raiser roller coaster (center right) at local theme park Ocean Park in Hong Kong on May 19, 2020.  (ANTHONY WALLACE / AFP)

HONG KONG - The Hong Kong Special Administrative Region (HKSAR) Legislative Council (LegCo) Friday approved the HKSAR government's proposed urgent bailout of over HK$5.4 billion to keep Hong Kong Ocean Park afloat.

READ MORE: Ocean Park gets HK$10.6b lift to boost fortunes

The theme park in early May announced that it would cease its operation as early as in June if it failed to receive a relief fund.

The bailout will be used to support the theme park to operate for another 12 months, repay loans and settle the costs for completing a development project.

The HKSAR government said in a report submitted to the LegCo that after allocating funds to the attraction, it planned to reposition Ocean Park to highlight its core strengths on conservation and education as well as its natural environment as a seaside resort.

ALSO READ: HK govt seeks to highlight Ocean Park's 'innate advantages'

"The park will deploy the funding prudently, and stringently control its operating expenses and various costs. The park will work closely with the government on the rethink exercise of Ocean Park to chart the way forward for its rebirth, and looks forward to welcoming visitors to the park again shortly," the park told Xinhua.