Walt Disney (DIS) Gets Okay for Chinese Theme Park
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The Walt Disney Company (NYSE: DIS) and the Shanghai municipal government have signed a project proposal for the first mainland Chinese Disney theme park.
The proposal would give the entertainment giant a 47 percent stake in the Shanghai Disney Park, while a joint-venture holding company owned by the Shanghai government would control the other 57 percent.
The total investment for the project will be roughly 24 billion Chinese Yuan (3.5 billion U.S. dollars).
The park which is set to open in 2014 at the earliest will be the third Disney themed park in Asia, following Tokyo, Japan and Hong Kong. The Hong Kong Park has also received sponsorship from the local government and the business has been highly successful.
Shares of Disney have moved up in the aftermarket hours to $28.13, a 1.85 percent increase.
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