Hong Kong’s economy is set to contract in the fourth quarter as the city reels from six months of violent social unrest according to a financial secretary.
“Based on the situation of these few months, it is inevitable that negative growth will continue,” Financial Secretary Paul Chan said in a blog post. “This means the government will be less flexible in using financial resources under an economic recession.”
According to Bloomberg, the number of mainland visitors, who comprise the biggest group of tourists in the city, has plunged by almost half during the unrest, while retail revenue has dropped by about a quarter.
The protests have impacted Hong Kong Disneyland’s park operations in recent months– even by forcing closures at times.
Visitor arrivals from China fell a record 46% in October to slightly more than 2.5 million, less than half of the record set in January.
Despite the Hong Kong economy struggling, HKDL is moving forward with a multi-billion dollar expansion.
The project, which takes place over several years, will bring new experiences in 2020. The re-imagined castle, drawing inspiration from all Disney princesses will be completed and the park’s one-of-a-kind Arendelle expansion will open later in the year.
The whole plan for Hong Kong Disneyland also includes more Marvel enhancements and park-wide entertainment; the project is expected to cost upwards of $1.4B.
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