The Walt Disney Company and Shanghai Shendi Group, its joint venture partner in China, have broken ground on the Shanghai Disney Resort following approval from the Chinese central government in Beijing.
The new Shanghai Disney Resort is slated to open in approximately five years.
The Shanghai Disney Resort will be home to Shanghai Disneyland, a Magic Kingdom-style park that will blend classic Disney storytelling and characters with all-new attractions and experiences tailored specifically for the people of China.
At the heart of the park will be an interactive Disney castle. The park will also contain other large-scale indoor and outdoor entertainment venues.
An 11 acre (46,130 square metre) green space at the centre of the theme park will differentiate Shanghai Disneyland and reinforce the themes of sustainability and nature that will be integrated throughout the park.
The Shanghai Disney Resort will be located on a 963 acre (3.9 square kilometre) site in Pudong, Shanghai, with additional room to expand in the future. At opening, the resort will include Shanghai Disneyland, two themed hotels, a large retail, dining and entertainment venue, recreational facilities, a lake and associated parking and transportation hubs.
There will be an initial investment in the project of approximately 24.5 billion yuan (US$3.7 billion) to build the theme park, and an additional 4.5 billion yuan (US$0.7 billion) to build the other aspects of the resort, including the hotels and the retail, dining and entertainment area.
The investment amounts will be split between Disney and the Shanghai Shendi Group with Disney holding 43% of the shares of the owner companies and the Shanghai Shendi Group holding the remaining 57 percent. Financing will be proportional to ownership. In addition, a joint venture management company will be formed with Disney having a 70 percent stake and Shanghai Shendi Group having a 30% stake. The management company will be responsible for creating, developing and operating the resort.