On September 12, 2005 (August 9, 2005 in the lunar calendar), Hong Kong Disneyland opened. Hong Kong Disneyland is Disney's fifth Disneyland in the world. In February 1999, the Walt Disney Company and the Hong Kong SAR Government formally entered into negotiations on the construction of Hong Kong Disneyland. On October 31, the two parties reached an agreement to jointly establish Hong Kong International Theme Parks Co., Ltd. to develop the Hong Kong Disneyland Resort, including Phase I of Hong Kong Disneyland, at Penny's Bay, Lantau Island. On November 2, former Chief Executive Tung Chee-hwa and senior Disney Company officials formally announced the agreement at Government House in Hong Kong. On January 12, 2003, Hong Kong Disneyland officially started construction at a planned cost of HK$14.1 billion and was designed by a team of Walt Disney fantasy engineers. But as of 2007, the Hong Kong government alone has invested HK$23 billion in the park. On September 23, 2004, the landmark building in the park, the Sleeping Princess Castle, held a flat-roofed ceremony. The entire building was completed in mid-2005. On June 12, it was opened for the first time to entertain employee family members. On September 12, 2005, the opening ceremony was presided over by Vice President Zeng Qinghong of China, Chief Executive Donald Tsang and senior Disney officials, and it was officially opened at 1 pm on the same day.