Shanghai Disney Park approved by China

The new Disney Theme Park for Shanghai has been approved by China’s planning agency. With the approval China and Disney can now start working on the final details of the new project for the city’s eastern Pudang district.

“China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company in mainland China,” Robert A. Iger, president and CEO of The Walt Disney Company, said in a statement.

The first phase of the project will include a Magic Kingdom style park but with characteristic tailored to the Shanghai region and China. There is no time frame set to when the park will open its gates but the investment is set for $3,6 billion for the 4 square mile park. However a Shanghai based Disney executive said that the deal is not final yet and final negotiations could last several months. But Disney says that the approval will allow both sides to move forwards to a final agreement.

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