"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," says Robert Iger, president and CEO of The Walt Disney Co., in a release.
The government approval now gives Disney the ability to move forward with the project; both completing development plans and start preliminary construction work.
Current plans now call for the construction of a theme park mirroring the Magic Kingdom, with special attractions that will be specific to the Shanghai region. According to previous reports about the project, it is expected to cost $3.6 billion to create with a 2014 opening date for the first phase of the project.
Disney already has a theme park in Hong Kong, although several reports say the Chinese people were disappointed with the small size of the project and the Shanghai park will be larger.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.