China OKs Disney park
Published: November 05, 2009, 12:30 am
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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 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.”
The Shanghai theme park is estimated to cost around $4 billion, the Wall Street Journal reported.
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