Disney gets China's backing for Shanghai park

Business News

Nov 4, 2009, 2:46 GMT

Beijing - Chinese authorities gave their backing to Walt Disney Co to build one of its theme parks in Shanghai, city officials and the company said Wednesday. Shanghai municipal government announced that the Shanghai Disneyland project has received approval by the central government in Beijing, the official Xinhua news agency said. '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,' Disney chief executive officer Robert Iger said in a statement. Talks have started on details of the project, which is located in the city's eastern Pudong New District. The project has been in planning for more than a decade, and it is expected to take another four or five years until an initial stage was finalized, Xinhua said. In January, Shanghai Mayor Han Zheng, told media that the city and Disney had reached an agreement on major issues concerning the amusement park, the first on China's mainland and also expected to be the largest Disney theme park. Estimated costs are about 3.5 billion dollars. Disney already operates one theme park in Hong Kong.

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