HONG KONG — Walt Disney Co. announced Wednesday that it has
received an approval from authorities in China to open its first theme park in
mainland China, in the Pudong district of Shanghai.
The approval comes ahead of President Barack Obama’s maiden
official tour of China, scheduled for later this month. The green light enables
Disney and its partners in Shanghai to begin work toward a final agreement to
build and operate the park, and begin the preliminary development work.
Once a final agreement is reached, Disney would move to
create a Magic Kingdom-style theme park tailored to the Shanghai region,
according to a company statement.
Robert Iger, Disney president and chief executive, described
the approval as “a very significant milestone” for the company.
The Shanghai theme park has been discussed for close to a
decade and is estimated to cost around $4 billion, The Wall Street Journal
reported.
Disney already operates a theme park in Hong Kong.
Via McClatchy-Tribune News Service.
