Walt Disney Co. and the Shanghai Municipal Government signed a project proposal for the U.S. entertainment giant in China to establish the first Disney theme park set up legal and financial framework. This new theme park is expected to cost 3.59 billion U.S. dollars, as early as 2014 open to visitors.

According to informed sources, according to the agreement signed this week, Disney will hold a Disneyland in Shanghai (Shanghai Disneyland) 43% stake in all the local government a joint venture holding company will hold another 57 percent stake. 


 Shanghai Disneyland a project covers an area of about 1.5 square kilometers, will include a theme park, a hotel and shopping mall, costing more than 24.48 billion yuan (about 3.59 billion U.S. dollars), a six-year period. Shanghai Pudong International Airport near the parcel of land has been designated the land for the project.

According to sources involved in the planning, the project must first obtain the approval of the central government level in order to start this process may be time-consuming is expected to a year. As the plan was submitted for approval to the Chinese leaders at all levels, this was the agreement signed Thursday is likely to be modified.