Hong Kong Gov’t May Sell Controlling Stake in Local Disneyland

HONG KONG (AFX) – The government may sell its controlling stake in the territory's recently opened Disneyland theme park, Secretary for Financial Services & the Treasury Fred Ma told legislators. Ma said the government's 57-pct stake in the resort could be sold off in keeping with the administration's belief that the private sector is best suited to run major businesses. "In the long run, the government may con-sider in the light of the 'Big Market, Small Government' principle to divest its shareholdings in the com-pany at an appropriate time when it is in the overall economic interests of Hong Kong to do so," Ma told legislators. The territory's leaders were criticized in 1999 when they decided to foot most of the bill for Walt Disney Co's first resort in China. Disney hopes the park, which opened in September, will help it promote its brand in China's growing lucrative market. Similarly, the government here hopes it will attract more mainland tourists to the former British colony.