The Walt Disney Co. and Hong Kong have reached a deal to expand the territory’s Disneyland at a cost of about $465 million in hopes of boosting the theme park’s fortunes, officials said Tuesday.

The deal will see the American entertainment giant invest new capital to pay construction and operation costs during the building phases.

In the works for two years, the joint venture is part of an effort to turn around a park criticized for failing to meet attendance targets, being too small and lacking high-profile rides. Hong Kong is also under pressure to increase the theme park’s appeal to compete with a proposed Disneyland in Shanghai, which could open in the coming years, and would siphon off Chinese tourists.

The expansion will add three new theme areas as well a 30 new attractions, enlarging the park’s size by nearly a quarter over the next five years.

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