Walt Disney Co. announced that it has gotten the go-ahead from China's central government to pursue a plan to build a theme park in Shanghai.
The approval, though anticipated for sometime, will allow the Burbank, Calif., entertainment conglomerate to proceed with a project expected to be one of the largest-ever foreign investments in China.
wow gold Estimates for the park's price tag are around $4 billion. It will also allow Disney to establish a direct presence in a market that, despite its size, has presented numerous hurdles to foreign entertainment companies.
The Shanghai government confirmed the plan in a statement early Wednesday. The approval comes just ahead of a planned visit to the Shanghai by President Obama, scheduled for Nov. 15.
The Shanghai park has been discussed for close to a decade. A request to build the park was made by the Shanghai municipal government to central authorities last January, indicating that there was an agreement on the plan's basic outline. Now,
wow po details such as securing land and obtaining the necessary approval from other authorities can proceed./
Disney already operates one theme park in Hong Kong. However, the Shanghai park, to be located in the Pudong district, will be much larger and be able to offer direct access to the local market. Mainland Chinese must obtain visas and special permission to travel to Hong Kong.