Despite the expansion of Hong Kong Disneyland, approved by lawmakers yesterday, 60 hectares of reclaimed land could be left unused until 2029.
The 5.1 hectare extension will take the park to 27.5 hectares - less than a quarter of the 125.4 hectares set aside for Phase 1 of the park.
And the theme park operator since 1999 has a 20-year option to buy a further 60 hectares known as Phase 2, with the possibility of extending the option for a further 10 years.
Corporate governance activist David Webb called for the agreement to be scrapped, saying Disney was never likely to make enough money to be able to exercise the option.
Legislator Audrey Eu Yuet-mee aired similar views saying it was "almost a crime" to have the land tied up for so long.
On his website, Mr Webb noted that while Phase 2 was owned by the government, Hong Kong International Theme Parks - the joint venture between the government and The Walt Disney Company that runs the park - has a 20-year option to buy it at the reclamation cost of HK$2.8 billion plus inflation.
The option can automatically be extended for five years and conditionally for a further five if park attendance is more than 8 million but less than 10 million, meaning it could have priority until 2029.
"One can only assume, in the absence of published accounts, that the park generates just enough cash to cover its operating expenses but not to finance any expansion," Mr Webb wrote.
"Given the looming competition from Shanghai Disneyland ... it seems unlikely that Hong Kong Disneyland would ever be able to justify, on financial grounds, exercising the option to purchase and build out Phase 2. So we face the prospect of watching 60 hectares of public land sit empty for 20 years, or be subject to low-rent, short-term projects like golf driving ranges."
At the Legislative Council's finance committee, Civic Party leader Ms Eu stressed how valuable land was in Hong Kong. "To find land for schools and hospitals is already a painful search."
Secretary for Commerce and Economic Development Rita Lau Ng Wai-lan said Disneyland still had first right of refusal over the land, but was in the process of discussing whether it could be used for other purposes on a short-term lease.
Afterwards, Ms Eu said the government still did not seem to know what to do with the land in Phase 2.
"It's almost a crime to have that land tied up," she said. "So far, it's all just promises up in the air, and the government has not been good at keeping promises."