Disney to Open Shanghai Theme Park

Courtesy of the Walt Disney
After four years of negotiation, Disney has been given the green light to build a theme park in China.

The $3.6 billion project was approved on Wednesday by China’s National Development and Reform Commission, and will allow Disney to work on the final details for the new park, which will be located in 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," Robert A. Iger, president and CEO of The Walt Disney Company, said in an official press release.

While amenities, such as hotels and retail stores, will be consistent with other international Disney resorts, the location will include a Magic Kingdom-style theme park with characteristics of the Shanghai region.

The park, which will be located in the Shanghai’s eastern Pudong district, will expand the company’s presence in mainland China (the country already has a theme park in Hong Kong, which debuted in 2005, not to mention corporate offices throughout the region).

Despite disappointing numbers at Hong Kong Disneyland, the city’s government—which owns a majority stake in the current park—tried to assuage fears that the impending park would draw visitors away.

"Our country has 1.3 billion people. We can see that our country's economic development has created a very big market. It can easily accomodate two Disneylands," Hong Kong's Secretary for Commerce and Economic Development Rita Lau told the Associated Press Wednesday, November 4th. Lau then added that the two parks can complement each other.

The Shanghai park could be open as early as 2012, but an exact date has not yet been set.