Hong Kong, May 30 (IANS): Hong Kong's Legislative Council (Legco) has approved the city government's proposed urgent bailout of HK$5.4 billion ($696 million) to keep the Hong Kong Ocean Park afloat.

This month, the theme park had announced that it would cease its operation as early as June if it failed to receive a relief fund, reports Xinhua news agency.

The bailout will be used to support the theme park to operate for another 12 months, to repay the commercial loans of the Ocean Park corporation, and to settle the costs for completing a development project of the park.

The government said in a report submitted to the Legco that after allocating fund to the attraction, it planned to reposition Ocean Park to highlight its core strengths on conservation and education as well as its natural environment as a seaside resort.

"The park will deploy the funding prudently, and stringently control its operating expenses and various costs.

"It will work closely with the government on the rethink exercise of Ocean Park to chart the way forward for its rebirth, and looks forward to welcoming visitors to the park again shortly," park authorities told Xinhua.

The Ocean Park has been closed since late January in the wake of the COVID-19 pandemic.