Chinese Government Green-Lights New Walt Disney Theme Park in Pudong

Vacation News » Vacation & Leisure Real Estate Edition | By Michael Gerrity | November 6, 2009 9:00 AM ET

(BURBANK, CA) -- In a prepared released this past week, The Walt Disney Company (NYSE:DIS) announced that they just received approval from the relevant authorities of the central government of China for a Disney theme park in the Pudong district of Shanghai China.

Disney CEO Bob Iger further commented in the prepared statement, "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."

Disney further stated that this approval will enable Disney and its Shanghai partners to move forward toward a final agreement to build and operate the park and begin preliminary development work. Upon completion of the final agreement, the project's initial phase would include a Magic Kingdom-style theme park with characteristics tailored to the Shanghai region and other amenities consistent with Disney's destination resorts worldwide.

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