Hong Kong Disney: Growing pains in the Mouse's smallest property

On Tuesday, Disney announced that Hong Kong Disneyland, which opened in 2005, will receive a $468 million makeover. The remodeling, which is intended to improve the park's disappointing attendance numbers, will vastly expand the number of rides and significantly increase the size of the park.

On one level, this is a familiar problem for Disney (DIS). After all, the company's premier attraction, Walt Disney World, was partially the result of high property values. While Anaheim's Disneyland was convenient to Los Angeles, the high price of California real estate made expansion difficult: today, the park occupies 160 acres, which are tightly boxed in by a plethora of cheap tourist traps.