Disney enters China with Hong Kong Disneyland

Disney has made their biggest entry into the rather lucrative Chinese market with their Disneyland, which just opened in Hong Kong on the Lantau Island. The project cost the company a cool $1.8bn (£1bn) and is expected to be a huge attraction bringing in more than five-and-a-half million visitors in its first year. The project is owned in majority by the Hong Kong government, and is expected to generate $19bn over the next 40 years.

The entertainment park was opened by the Chinese Vice-President Zeng Qinghong and other guests included Hong Kong’s chief executive Donald Tsang and Disney boss Michael Eisner. The opening ceremony included the traditional Chinese lion dance performed in front of an enormous fairytale-style castle.

The US based entertainment giant expects to generate interest in the newly wealthy mainland Chinese and their children to visit this park. This is the second such entertainment center by the company in the Asian region, which is expected to become one of their prime markets in the coming years. They already have a similar project established in the Tokyo city of Japan.