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Disney may extend HK talks
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June 30, 1999: 8:29 a.m. ET
But extension reportedly doesn't mean discussions have hit snag
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NEW YORK (CNNfn) - Walt Disney Co. and Hong Kong officials plan to extend their talks on building a theme park in the former British colony, according to a published report Wednesday.
The need for more time doesn't necessarily mean the discussions have hit a snag, the Wall Street Journal reported, citing people familiar with the matter. The newspaper said the news instead is a sign that the two sides have made progress toward a deal but haven't yet formalized it.
In March, Disney and Hong Kong said they were holding negotiations in hopes of determining by June 30 whether a Disney project was viable..
Mike Rowse, Hong Kong's commissioner for tourism and a top negotiator on the Disney project, told the Journal the talks would continue Wednesday. A news conference is scheduled for Thursday, but Rowse told the newspaper he doesn't expect to deliver more than a "progress report" then. Disney declined to comment.
The talks focus on a location on Lantau Island in Hong Kong, near the city's new international airport, the Journal said.
The newspaper said Disney also continues to be interested in building a park in Shanghai, where city officials have expressed strong interest in such an attraction.
Disney already operates theme parks in Japan and France.
Walt Disney (DIS) shares closed up 13/16 at 30-1/8 in New York Tuesday. 
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