In a sign that a deal may be imminent, Disney officials have for the first time admitted it's negotiating to build a theme park in Shanghai, shortly after disclosing that the Lantau park contributed to the California-based entertainment giant's stellar results in the quarter ended December.


Throughout last year, Hong Kong and mainland media reported Shanghai hopes to start construction of a Disneyland theme park in 2008. But neither Iger -who described Shanghai as attractive due to its high population and rapid economic development - nor city officials would comment on a timetable Tuesday.

A Shanghai city government spokesman said: "Since building a Disney theme park is an international project, we ultimately will have to get central government approval."
While noting that no deal has yet been inked between the two sides, a Hong Kong Disneyland spokeswoman reiterated that another Chinese park would not open before 2010.

While the company as a whole spurted up by 7 percent, its parks and resorts revenues rose by 13 percent to US$2.4 billion (HK$18.72 billion) and the segment's operating income rocketed 51 percent, to US$375 million.
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Source : The Standard News (HK)