Ocean Park may face bankruptcy as its cashflow can only last until June/July


11th May 2020 – (Hong Kong) The Ocean Park has been closed for more than 3 months due to the novel Coronavirus (COVID-19) epidemic. They announced today that their funds can only last until June/July this year as they are currently in financial dire straits. Ocean Park also halved the funding subsidy amount applied to the government at the beginning of the year to about HK$5 billion to meet operating expenses and loan repayments. Although Ocean Park is a collective memory of Hong Kong people, netizens are not only indifferent to the closure of the Park, but also feel that the park should close down as it does not serve the Hongkongers. Some even think that the land can be used to build apartments.

At the beginning of the year, Ocean Park had asked the government to allocate HK$10.64 billion to support the new positioning strategy development plan, and at the same time, the Park can survive the financial difficulties. However, because the Park has generated zero income during the epidemic, the financial situation has worsened and it can only last till June/July.

Commerce and Economic Development Bureau expressed that the funding will be adjusted. Legislative Councillor Yiu Si-wing who is also a director at China Travel Service pointed out that Ocean Park has decided to halve the applied funding amount to about HK$5 billion, mainly to meet operating expenses and loans, and will also set aside the Park construction plan. At the beginning of the Park’s reopening, discounts will be introduced to Hong Kong residents and the revenue can help to solve the Park’s short-term financial woes.

Secretary for Commerce and Economic Development Bureau said today (11th) that the government will provide HK$5.425 billion to Ocean Park to subsidise the park for one year of operation, repay the commercial loan of Ocean Park, and pay off the completion of the Ocean Park Tai Shue Wan. The relevant bill will be submitted to the Finance Committee of the Legislative Council on Friday (15th) for deliberation, and he hopes the bill to be passed as soon as possible.