Mar. 25, 2009 (China Knowledge) - Global entertainment giant Walt Disney Co has obtained approval from China's regulatory bodies to launch the long-awaited Shanghai Disney Park, the Shanghai-based Wen Hui Bao reported, citing sources familiar with the matter.
The sources said a press conference would be held soon in Geneva to announce the approval.
Earlier media reports said that a joint venture will be established to manage the Shanghai Disney Park, with 43% of its shares held by the U.S. company and 57% held by the Chinese side.
About RMB 24.4 billion will be invested in the first phase construction of the theme park. The park will cover an area of 10 square kilometers upon completion, 8 times larger than that of the Hong Kong Disney Park.
The price of the Shanghai park, located between the Pudong New Area and Nanhui Area of Shanghai Municipality, is set at around RMB 300, the newspaper said.