Originally published by the Voice of America (www.voanews.com).
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January 19, 2009

Disney, China Agree To Build Theme Park In Shanghai
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http://enews.voanews.com/t?ctl=21B532F:A6F02AD83191E160AF0CC59D1A21CD832E7CA1C1B166B639&
 
The project is estimated at over three and a half billion dollars and is
scheduled to open in 2014 
After years of talks, Chinese officials and the Walt Disney Company have
finalized an agreement on a theme park deal in Shanghai. Shanghai Mayor
Han Zheng says Shanghai authorities and the Walt Disney Company agree to
build the first Disneyland theme park on China's mainland. The project
is estimated at over $3.5 billion and is scheduled to open in 2014. The
first phase of building reportedly covers one and a half square
kilometers, out of a total of ten square kilometers earmarked for the
park in the southeast suburbs of Shanghai's Pudong area. Disney
executive vice president Bill Ernest dresses in traditional Chinese
jacket to celebrate the Lunar New Year with Mickey Mouse and Minnie
Mouse in Hong Kong Disneyland (file photo)Disney would own 43 percent of
Shanghai Disneyland, while a joint-venture company owned by the local
government would own 57 percent. This arrangement would be similar to
the Hong Kong Disneyland that opened in 2005. The local Hong Kong
government owns a 57 percent stake in that park. Many analysts have said
the attendance figures for Hong Kong Disneyland indicate the park is
underperforming. But the chief economist at the Hong Kong Chamber of
Commerce, David O'Rear, thinks those assessments were based on
unrealistic expectations. He says there is room for a Disney park on the
mainland. "Well, it is the biggest growing consumer market in the world
and it's one that is grossly under served by Disney type projects or any
theme parks of the international stature," O'Rear said. Shanghai Mayor
Han says the municipal government started thinking of a Shanghai
Disneyland more than a decade ago. O'Rear says when the Hong Kong theme
park was announced almost ten years ago, there was speculation Hong Kong
was in competition with Shanghai for the project. O'Rear says Hong Kong
Disneyland was announced in during a financially difficult time for the
city. "For Hong Kong it was something that was announced during a time
of great economic crisis, so it did provide a confidence boost," O'Rear
said
.Final implementation of Shanghai Disneyland still requires approval by
the State Council, China's chief administrative authority chaired by the
Premier Wen Jiabao. 


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