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Report: Disney, Hong Kong Agree

October 22, 1999

HONG KONG (AP) _ Walt Disney Co. and the Hong Kong government have reportedly reached key agreements on how to finance a new theme park here, as the two sides finalize details ahead of the Oct. 31 deadline.

The government will provide the roads and other related infrastructure, but Disney must give the city some kind of financial compensation for the land, the independent Sing Tao Daily reported, quoting unidentified government sources.

Hong Kong has been in negotiations with the Burbank, Calif.-based Disney for months, but had to extend the talks over the summer, saying at the time that financial obstacles remained.

Peggy Chau, a government spokeswoman, refused to comment on the report, but said an announcement is expected by Oct. 31.

Financial Secretary Donald Tsang reportedly said this week the government is ready to talk to rival Universal Studios if it cannot reach a deal with Disney by the end of the month.

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