Disney plans Shanghai theme park
The Walt Disney Company has announced plans to develop its first theme park in mainland China, in partnership with the Shanghai government.
The project, reportedly worth US$3.59 billion could be open by 2014, and would, in addition to parks in Hong Kong, Tokyo and Paris - be the fourth Disney resort outside the USA.
A spokesperson for Walt Disney Parks and Resorts said that while the development is under discussion, no deal has yet been agreed.
"Discussions have been ongoing about the feasibility of a theme park project in China," explained Disney's Leslie Goodman, adding "as part of this lengthy process, we worked on a joint application report with the Shanghai government which will be submitted to the central government for review. No deal has been signed, no project has been approved."
The Wall Street Journal, which broke the news of the project, claimed that Disney would take a 43% stake in the new resort, while a joint venture holding company owned by the Shanghai government would own the remaining 57%. Located close to Shanghai's Pudong International Airport, plans for the development reportedly include a theme park, a hotel and shopping development.
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