The Hong Kong Special Administrative Region (HKSAR) government announced Thursday that it will provide support for half of the funding of Hong Kong Ocean Park's redevelopment.

"The redevelopment cost is estimated to be 5.55 billion HK dollars (about 71.5 million US dollars). The government is prepared to provide support for half of the funding, which equals 2.775 billion HK dollars," a spokesman from the government said Thursday.

The redevelopment plans for the Ocean Park, which aim to turn the Ocean Park into a world-class marine themed attraction, have been endorsed by the government.

The redeveloped Ocean Park will act as a catalyst for urban re-generation of the Southern District and the development of the Aberdeen area as a tourism node, said the spokesman.

The redevelopment is expected to bring net quantifiable economic benefits of 40 billion to 48 billion HK dollars over 40 years.

On job creation, the redevelopment project will directly and indirectly generate between 2,600 and 4,000 additional full-time equivalent jobs in the Hong Kong economy upon the opening of PhaseI in 2008 to 2009, rising to between 11,300 and 12,800 in 2021 to 2022.

According to the plans, Ocean and Animal Encounter will continue to be key themes of the park. The redeveloped Ocean Park will be divided into two major areas -- the Waterfront and the Summit, featuring more than 70 distinctive attractions.

Under the plans, construction works will be carried out in phases with Phase One targeted for completion by the end of 2008 and Phase Two in 2010.

With the redevelopment, it is estimated that visitors to the Ocean Park will increase from 4 million in 2004 to 2005 to more than 5 million by 2010 to 2011 and more than 7 million by 2021 to 2022.

(Source:Xinhua News Agency)