The Walt Disney Company broke ground last month on Shanghai Disney Resort following approval from the Chinese central government in Beijing.
The RMB 24.5 billion ($3.7bn/€2.6bn) project will be realised together with local partner Shanghai Shendi Group on an 11-acre (46,130 square meter) site in the city’s Pudong district.
“Our Shanghai resort will be a world-class family vacation destination that combines classic Disney characters and storytelling with the uniqueness and beauty of China,” said Robert Iger, Walt Disney Company president and CEO, at the groundbreaking ceremony on April 8. “Working with our Chinese partners, the Shanghai Disney Resort will be both authentically Disney and distinctly Chinese.”
The new Shanghai resort, initially comprising a Magic Kingdom style theme park – Shanghai Disneyland – plus a lake, two themed hotels, dining, retail, entertainment and recreational facilities, as well as car parking, transportation and associated infrastructure, is slated to open in approximately five years’ time.
A total of 963-acres (3.9 sq km) will be developed during phase one. At the heart of Shanghai Disneyland will be an interactive Disney castle, however a large green space at the centre will differentiate the Shanghai park from other Disney properties around the world.
The initial investment of approximately RMB 24.5 billion will be supplemented by an additional RMB 4.5 billion ($700m/€470m) to build the other aspects of the resort, including the hotels, retail and dining. The investment will be split between Disney (43%) and the Shanghai Shendi Group (57%). Additionally the two companies will form a joint venture management company, with Disney having a 70% stake.