Tags : Disney park China, Walt Disney World
Disney Gets Green Light For Park in China
Shanghai, China (AHN) – Walt Disney World has won preliminary approval to open its first theme park in mainland China, the company announced Wednesday.
Chinese officials have not confirmed Disney’s statement or details about the park. Local media report the park is scheduled to open in 2014 at an estimated cost of $3.6 billion.
China will own 57 percent of the park, with the rest held by Disney.
Disney officials have been meeting with Chinese officials for a decade about the possibility of opening a park here. The approval allows Disney to begin work on final agreements to build and operate the park.
The park here would be the fourth Disney attraction outside the United States, including one In Hong Kong.
The initial phase would include a Magic Kingdom-style park with “characteristics tailored to the Shanghai region,” Disney said in a statement.
The park will occupy about 1,700 acres along the east bank of the Huangpu River in the Pudong district of Shanghai. The first area to be built will be located about 10 minutes from the international airport.
Over the past two decades, the government has transformed the Pudong district from an area of farms into a commercial district that claims the country’s tallest skyscrapers. Residents of about 1,000 acres will be resettled to accommodate the park, according to local media.
Effects of the park were immediate. China Daily reported that 90 minutes after announcement of the park’s green lighting, a 14-acre site near the park was auctioned at 264 percent of its premium.
Disney (DIS) shares were up 2.7 percent at 11:55 a.m. in New York.
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