The move is seen as a real boost for Shanghai’s tourism.
Disney stuck the deal on Friday with Shanghai Shen Di Group Co. Ltd. who will act as its joint venture partner. Attraction-Tickets.info has heard that Disney would hold 43% of the equity shares in the joint venture and the rest of the 57% will belong to the new holding company, Shanghai Shen Di.
Disney World in China has for years been a topic of great interest but the idea was sidelined due to the Olympics in 2008. The project was approved by the Chinese government in November 2009 and the new joint venture deal takes the project one step closer to becoming a reality.
Disney said in a statement on Friday that they are still waiting for approval of the Chinese government about the incorporation of the related joint venture companies and also the necessary regulatory processes. The theme will cover a total area of 4 square kilometres and will come up near the new international airport in Pudong. Though Disney has ventured on similar territories before with its theme parks in Tokyo and Hong Kong, none of them have lived up to the expectations of the company.
Shanghai’s Disneyland is expected to cover about four square kilometers and cost about $3.75 billion