Shanghai Invests in Disneyland Project

March 16, 2011

Chinese Business Economy

by Amit Ben-Yehoshua and Steve David Salem

An approved investment for the first phase of a Disneyland project intended to be completed in Shanghai stands at 24.5 billion yuan ($3.7 billion). Shanghai Mayor Han Zheng confirmed this figure at his attendance at the ongoing parliamentary session in Beijing. “I have read some media reports about the Disneyland investment, but they were incorrect”, he told reporters.

The theme-park project was launched in November last year when state-owned Shanghai Shendi Group Co Ltd penned a licensing agreement with Walt Disney Co to develop the project. The Shanghai International Tourism Resort Administrative Committee will manage the project and it will be the first Disneyland resort on the mainland.

The first phase of the project will be put into action within the 2011-2015 period. “I hope construction on the project can start soon. Currently both sides are endeavouring to do some preliminary work,” Han remarked.

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