Hong Kong's Disneyland theme park is to receive a $470m cash injection to aid expansion.

The smallest of Disney's five theme parks, Hong Kong will undergo a drastic renovation that will see the development of three new themed areas. In a joint statement, Disney and the Hong Kong SAR Government applauded the Legislative Council's decision to carry out expansion work on the park by 2014.

John Tsang, the Financial Secretary for the theme park, said that the resort "has brought substantial economic benefits to Hong Kong". Tsang went on to say that the redeveloped site: "will rise up to the keen competition in the region on the tourism front, attracting more family visitors from around the world".

News of the expansion comes as a competing theme park is planned to open in Shanghai. The chairman of Disny Parks and Resorts, Jay Rasulo, claimed that the company was "eager to begin work" on the project.