The Chinese central government has approved the plan to build a Disneyland-style theme park in its metropolis Shanghai, the municipal government's information office said in a statement Wednesday morning.
The Mickey Mouse greets tourists with his friend Minnie in Hong Kong Disneyland on May 1, 2006. [File photo: Xinhua]
The Chinese central government has approved the plan to build a Disneyland-style theme park in its metropolis Shanghai, the municipal government's information office said in a statement Wednesday morning.
The agreement for a Shanghai Disneyland was announced late Tuesday, The New York Times reported, citing Roger A. Iger, Disney's chief executive. Local media reports also disclosed that the project framework agreement with Disney was approved by Beijing in late October.
Analysts estimate the initial park, not including hotels and resort infrastructure, will cost $3.5 billion, making it one of the largest-ever foreign investments in China, the report said.
Disney will own about 40 percent of the Shanghai resort, with the remainder owned by a holding company formed by a consortium of Chinese companies, the report quoted insiders as saying.
Only the themed ride portion -- what Disney calls a "Magic Kingdom-style" park -- of the project needed Beijing's approval; Disney will now negotiate with Shanghai authorities on construction plans, but that is considered a matter of process.
