Disney In Deal To Build Disneyland In Shanghai
The Walt Disney Co. and the government of China have reached an agreement to build the first Disneyland theme park on the mainland. The deal is similar to the one Disney negotiated with authorities in Hong Kong in which Disney owns 43 percent of the attraction and the local government, 57 percent. Although talks regarding the proposed Shanghai Disneyland had been going on for years, few analysts expected that the park would materialize, given reports that the Hong Kong park had failed to meet expectations. China Daily reported today that local authorities are planning to extend a high-speed rail line (maglev) to the $3.5-billion park. Shanghai Mayor Han Zheng told a news conference, "The project is expected to connect the city's two airports and will serve not only Shanghai, but also the whole Yangtze River Delta region and the country."