Disney Gets Go-Ahead for Shanghai Theme Park

BURBANK: The Walt Disney Company has secured the approval of Chinese authorities to build a new theme park in the Pudong district of Shanghai.

“China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company in mainland China,” said Robert A. Iger, the president and CEO of The Walt Disney Company.

Disney and its Shanghai partners will now move toward a final agreement to build and operate a Magic Kingdom-style theme park, with "characteristics tailored to the Shanghai region," the company said in a press release. Reports indicate that initial plans call for a $3.6 billion development that would include hotels and shops, in addition to the theme park. Disney would own 43 percent and manage the tourist destination, the Wall Street Journal reports, with the balance held by companies owned by the local government. No timetable has been given for the development.