HONG KONG, May 29 (Xinhua) -- The Hong Kong Special Administrative Region (HKSAR) Legislative Council (LegCo) Friday approved the HKSAR government's proposed urgent bailout of over 5.4 billion Hong Kong dollars (around 696 million U.S. dollars) to keep Hong Kong Ocean Park afloat.

The theme park in early May announced that it would cease its operation as early as in June if it failed to receive a relief fund.

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 HKSAR 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. The park 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," the park told Xinhua.