The financing for the expansion of Hong Kong Disneyland has been approved by a legislative committee.

As previously reported in Leisure Opportunities, Disney is to invest US$448m into the construction, while the Hong Kong government converts US$353m worth of its loans into equity in a joint venture company – Hong Kong International Theme Parks –while retaining a majority stake.

The expansion will consist of 30 new attractions in three new lands – Grizzly Trail, Mystic Point and Toy Story Land – and the first two lands will be exclusive to Hong Kong Disneyland for five years.

Jay Rasulo, chair of Walt Disney Parks and Resorts, said: “This substantial investment represents our continued commitment to and confidence in Hong Kong Disneyland and solidifies our partnership with the Hong Kong government, helping assure the resort’s long term success.”

The project is expected to be completed by 2014.