Disney Shanghai plans submitted
Plans Submitted for Disney Shanghai
January 12, 2009
AWN Headline News
Disney has confirmed that it is submitting plans to the Shanghai government for a new joint-venture theme park, according to VARIETY.
"Discussions have been ongoing about the feasibility of a theme park project in China," according to the statement from Walt Disney Parks and Resorts. "We worked on a joint application report with the Shanghai government which will be submitted to the central government for review. No deal has been signed, no project has been approved."
A second park in China has been rumored for years, despite the low attendance at Disney's Hong Kong park. It is unknown how the Shanghai development affects the rumored expansion at Hong Kong Disneyland. Negotiations have been raging between the Hong Kong government and Disney on how the $645 million expansion is to be financed. The Hong Kong government owns a 57 percent stake in the park and is hesitant to invest more with the public criticism over the park's poor attendance.
The Shanghai park, along with hotel and retail, would be built over six years on a 371-acre site near Shanghai's Pudong International Airport and is estimated to cost approximately $3.59 billion.
Disney told the Hong Kong Legislative Council in December that "Hong Kong Disneyland Resort is the first priority of the Walt Disney Co.'s investment in Asia. Despite the economic uncertainty, we are very confident of the growth potential of the resort."
Re: Disney Shanghai plans submitted
Disneyland still on the cards for Shanghai -- Shanghai Daily | ???? -- English Window to China New
Disneyland still on the cards for Shanghai
By Zhu Huanian
SHANGHAI Mayor Han Zheng said yesterday that the city is still negotiating with Walt Disney on opening the first Disney theme park on the Chinese mainland.
"We are like a couple in love, not married yet, and so far there's no timetable for the 'marriage'," the mayor joked with journalists at an opening session of Shanghai delegation during the ongoing annual session of the National People's Congress in Beijing.
Han said the Shanghai government and Disney have always maintained communication and negotiation on the project, and both teams adopted a more practical attitude in the past year.
In January the local government signed a framework agreement with Disney, a standard procedure toward a possible deal. No details were disclosed, however. If the Shanghai government and Disney finally agree to "tie the knot," it will become a third Disney theme park in Asia after Tokyo and Hong Kong.