Walt Disney Company has signed an agreement with the Hong Kong government to expand and develop its resort in Hong Kong.

The project will cost about HKD10.9bn ($1.4bn). Based on the current shareholding ratio, the government will provide HKD5.8bn ($718M), while Walt Disney Company will inject HKD5.1bn ($658M).

The move will involve transforming the resort’s castle, and will increase the number of themed areas will increase from seven to nine. The total number of attractions will increase from about 110 to over 130.

Gregory So, secretary for Commerce and Economic Development of Hong Kong, said: “We are happy to see the Walt Disney Company’s confidence in the Hong Kong market and the future of tourism in Hong Kong, and that it continues to make significant investments to expand and develop Hong Kong Disneyland Resort.”

So said the plan will bring 5,000 jobs to Hong Kong which will progressively increase to 8,000.

Work on the expansion project will commence in 2018 and will be completed in 2023.