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Friday, April 8, 2011

Disney Breaks Ground in Shanghai

The Walt Disney Co., and Chinese partner the Shanghai Shendi Group, broke ground on Shanghai Disney Resort on Friday, a deal worth $4.4 billion that is one of the largest foreign investments ever made in China.

The resort is scheduled to open in five years, and will include a Magic Kingdom-style theme park Shanghai Disneyland, which will feature attractions tailored specifically for Chinese citizens; two themed hotels; a large retail, dining and entertainment venue; recreational facilities; a lake; and associated parking and transportation hubs. On Opening Day, the resort will cover 963 acres, with additional room to expand.

Disney president and CEO Bob Iger said Shanghai Disney will be "authentically Disney and distinctly Chinese."

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