Shanghai Disney Theme Park Agreement Signed
U.S.-based Walt Disney has signed the formal agreement with Shanghai Shendi Group Corporation, a company backed by the Shanghai municipal government, to together develop a Disneyland theme park in the country's financial hub.
The signing of the agreement comes a week after Shanghai closed its six-month long World Expo and marks the start of the construction on the theme park.
Shanghai's Disneyland is expected to cover an area of about 4 square kilometers and cost about CNY25 billion. The project won approval from China's state council in 2009 and the opening date is now slated for 2014.
The Shanghai Disney theme park will be Disney's fourth outside the U.S., after Paris, Tokyo and Hong Kong.
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