Legislative Council Finance Committee considers Ocean Park's application for 5.4 billion yuan for salvation

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Written by: Liang Huanmin

2020-05-19 10:30

Ocean Park has faced financial difficulties in recent years, and its annual deficit. If it fails to solve the current capital flow problem, all its reserves will be closed by the end of June. The government applied to the Legislative Council Finance Committee for an allocation of 5.4 billion yuan for the operation expenses of the Ocean Park in the next 12 months and to repay loans for the construction of a water park. The Legislative Council Finance Committee failed to vote last week, today (19th ) Continued deliberation during the meeting and decided to "live and die" the Ocean Park.

The Ocean Park ’s 5.4 billion “Salvation” funding was reviewed in the Legislative Council Finance Committee today (19th). (Photo by Lu Yiming)

If Ocean Park's 5.4 billion appropriation is rejected, vice chairman Liu Mingwei: once the liquidation expenditure involves 10 billion

Large consortium wants to invest in Ocean Park Liu Mingwei disclosed that the government agrees to amend the law: Anything is possible

Ocean Park explained the increase in salary expenses: the increase of part-time employees is reasonable

Liu Mingwei, vice chairman of Ocean Park, said in an interview yesterday (18th) that the proposed funding is already the most feasible way to save Ocean Park. If the park closes, it is roughly estimated that the expenditure will need 10 billion yuan to house animals and sack 2,000 people. Employees, etc., are not cost-effective. It also means that the 5.4 billion yuan required for allocation is the minimum amount to avoid liquidation. It emphasizes "nothing is too small" and means that if the loan is not repaid, some people will be involved in liquidation in the short term. critical.

The Secretary for Commerce and Economic Development Qiu Tenghua said on Monday (11th) that after nearly four months of review, the Hong Kong government announced the new plan and formally applied for funding from the Legislative Council, mainly to assist Ocean Park to overcome immediate financial difficulties, so that It can remain operational. Ocean Park and the Hong Kong government will halve the funding application, that is, only inject about 5.4 billion yuan into Ocean Park. The proposed 10.6 billion yuan for the construction of the seven parks in the original development plan will be temporarily suspended.

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Large consortium wants to invest in Ocean Park Liu Mingwei disclosed that the government agrees to amend the law: Anything is possible

If Ocean Park's 5.4 billion appropriation is rejected, vice chairman Liu Mingwei: once the liquidation expenditure involves 10 billion

Liu Mingwei: It does not rule out the overwhelming revision of the Ocean Park Ordinance

Reiterate the value of Ocean Park Qiu Tenghua: Do not want to be the first victim in the epidemic

Ocean Park's financial difficulties face bankruptcy Legislative Council Finance Committee considers 5.4 billion "Salvation" funding

Qiu Tenghua, director of the Commerce and Economic Development Bureau, publicly stated that the number of people admitted to the park has indeed decreased due to social events in 2014. (Photographed by O'Gallery)

During the meeting, both the general public and the members of the establishment faction had a lot of opinions on the allocation of Ocean Park, and questioned the park's failure to provide a complete "Plan C" "Save the Park", such as speaking in vernacular. The Secretary for Commerce and Economic Development Qiu Tenghua emphasized that if funding is received, a subcommittee to reform the Ocean Park will be organized immediately, including people from various sectors.

Animals will be sent to other parks if closed

In addition, the Democratic Party's Kwong Jun-woo asked if the park would be closed, what would happen to the current arrangement of 7,500 animals in the park. Li Shengzong, Chief Executive Officer of Ocean Park, admitted that he would take pains to send some of the animals to the world's most reputable and ideal environment parks and places In particular, many of them are precious animals, but the current epidemic situation has great difficulty in transportation, but emphasizes that it is not suitable for free release.

Parliamentary Frontier Zhu Kaidi questioned that Ocean Park has repeatedly made commercial loans to the outside world in recent years, including a number of private loans with more than 1 billion yuan, while the project in Dashuwan exceeded 57%, and there are more than 1.3 billion loans that need to be returned. I feel that I have secretly negotiated with the outside world to let the Hong Kong government use public funds to cover the bottom. Liu Mingwei said that he has been in contact and discussion with external debtors. The most important thing now is to repay the 1.2 billion yuan debt due this year.

Another MP Shao Jiazhen questioned that in recent years, many old brands, companies, etc. had completed their business, thinking that "pour money" went to the Ocean Park and the money fell into the sea. They also thought that ATV had also ended because of financial difficulties. "As a fan, please do n’t help me. What about ATV? "In addition, the DAB Huang Dingguang suggested that Ocean Park" buy time "with money. He said that he would support the funding and think that it is a relatively liquidated two-harm solution that takes light of it." The largest creditor of the Bank of China, if it is cleared After you make an inventory, all the creditors will be queued up for liquidation! "He described the facilities in the park as" rotten copper and iron ". If the liquidation does not have any valuable assets at all, he once again exploded" and all walks of life "Public Street!" But then he changed the word to describe the current state of the park.

He Junyao: Move Ocean Park to Disney

The Liberal Party Zhong Guobin said that it is not uncommon for many commercial organizations to need debt restructuring. It is recommended again to approve part of the amount to the park for annual operation. He Junyao suggested that the Ocean Park should be moved to the Disneyland Phase II site to create a Alternative paradise, "I do n’t know how to use it all the time, move the canal into it and develop it again!" Rong Haien, the New Democratic Party, said that he did not want to lose a theme park because of the epidemic. Question whether the repayment of the debt will ensure that the paradise has a revival. According to Zhang Huafeng of the Pakatan Rakyat, the funding this time is like "The two old pig skulls are going to nibble." Asked if the government has a third plan.

Ocean Park Liu Mingwei Qiu Tenghua Legislative Council Legislative Council Finance Committee Commerce and Economic Development Bureau