In April 2006, Ocean Park, Hong Kong’s only home-grown theme park,
launched a syndicated loan to raise HK$4.1 billion for a master plan to
revamp the Park.1 The master plan represented the Park’s strategic response
to the arrival of Hong Kong Disneyland, which had opened the previous year.
Ocean Park had expected attendance to drop significantly with Disney’s
opening, but attendance at the Park had remained strong. Nonetheless, the
competition posed by Disney was not to be underestimated. How would the
commercial banks assess Ocean Park’s strategic plan? Would they buy the
Park’s strategy in light of the competition posed by Disney?