Friday, January 23, 2009

The second Disney Park in China may land in Shanghai

After the Disneyland Park Hong Kong opened in 2005, another city in China --- Shanghai, was eager to host Disney. Recently, the Disney company and the Shanghai Municipal Government drew up a joint application report which will be submitted to the Chinese Central Government for a formal approval.

The Disney headquarters and the Shanghai Municipal Government signed the document to draw the legal and financial framework for the construction of a theme park in Shanghai. According to the agreement signed, Disney will hold 43 percent of the stock shares, while the Shanghai municipal government-owned joint venture will hold 57 percent.

If the application is approved, Shanghai Disneyland will be listed among the ultra-large-scale ones, comparing to Disney projects around the world. The Disney theme park project is expected to cost 24.48 billion yuan and to cover an area of about 1.5 square kilometers. The project could bring in investment in the mainland stock market involving enterprises from a range of sectors such as real estate, film and television entertainment, publishing and printing, media networks, toy manufacturing, franchising, advertising and others.

But it may not be good news for Hong Kong Disneyland park, which will be certainly suffer from the project. For the park in Shanghai will draw visitors from Hong Kong park.

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