Disney to Break Ground on New Shanghai Park
Walt Disney Company will break ground Friday on a long awaited Shanghai theme park, the "Los Angeles Times" reported.
The start of the $3.6 billion project signals the end of 16 years of speculation as to when Disney would venture into mainland China. Discussions of the China project began in 1995.
1,700 acres in northeast Shanghai have been set aside for the complex. Anticipated amenities include a theme park, two hotels, retail and dining complex, and a lake.
According to Chinese state media, the first phase of construction should be completed by 2014. But the entire project could take up to five years reports the "Wall Street Journal."
The park, which will be Disney's fourth international outpost, is expected to receive 7.3 million visitors its first year.
In addition to parks in Anaheim, California and Orlando, Florida, Disney operates Disneyland Resort Paris, Hong Kong Disneyland Resort and Tokyo Disney Resort.
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