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Goal to open theme park resort by 2015
A 20-year long proposal from the Walt Disney Company to build a Disneyland-style theme park has won approval from the central government of China.
According to The New York Times, Shanghai Disneyland will be located in the city’s Pudong district. Analysts project the initial park (excluding hotels and resort infrastructure) will cost $3.5 billion, making it one of the largest-ever foreign investments in China. Initial plans call for a mix of shopping areas, hotels and a Magic Kingdom-style theme park in the 1000-acre resort, with the theme park taking up roughly 100 acres. Additional development is also expected.
Robert Iger, Disney’s chief executive, called the approval “a very significant milestone.” Disney began courting the country in July 1990, when Zhu Rongji, then the mayor of Shanghai, visited the original Disneyland in Los Angeles with four other Chinese mayors and became interested in a Disneyland in his city. Four years ago, Hong Kong Disneyland opened.
The Times reports that 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 selected by the government.
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