Walt Disney Co.'s $3.75 billion Shanghai Theme Park

[BrerGnat]

Because I don't ever see myself traveling to Asia again. Maybe, but it's a long shot.

Oh, okay. So, have you been to the Hong Kong park then?

[Melanie]

Yep, we went for Christmas '08.

[Scar]

April 3, 2011 - The Wall Street Journal


Walt Disney Co. on Friday will break ground on a new theme park and resort in Shanghai, according to people familiar with the matter, after years of red tape and negotiations with the Chinese government.

The groundbreaking ceremony follows Disney's recent receipt of final approval from the Chinese central government to move ahead with its long-gestating plans for the 963-acre park and resort. That is about 1/26th the size of the 40-square-mile Walt Disney World in Orlando, Fla.

Early Saturday morning, or late Friday in the U.S., invitations were issued by Disney, together with an arm of the Shanghai government and a local business partner of Disney's, inviting recipients to "a special event in Shanghai" on April 8. Disney Chief Executive Officer Robert Iger is expected to attend the groundbreaking ceremony. Shanghai Disneyland will be the Burbank, Calif.-based Disney's sixth major theme park in the world, and its first in mainland China.

Shanghai's mayor has estimated the cost of the first phase of the theme park will be 24.4 billion yuan, or $3.73 billion. The total cost of the resort isn't clear, but it is likely to be one of the largest foreign investments ever made in mainland China. The resort will be majority-owned by media and entertainment companies that are in turn owned by the Shanghai Municipal Government. Disney's stake in the endeavor hasn't been disclosed, though the company is expected to hold a minority interest.

In addition to Disney, the parties issuing the invitation were the Administrative Commission of Shanghai International Tourism and Resorts Zone and Shanghai Shendi Group Co. Ltd. The latter is Disney's government-owned joint venture partner, a company formed by various government-owned businesses that has investors including a subsidiary of broadcaster Shanghai Media Group and another responsible for construction.

[Victor Kelly]

Just be aware comrade Mickey is watching you. I won't tell you what will happen if you do something wrong.

[2Epcot]

Shanghai Disney Resort breaks ground in China


(CNN) -- The Walt Disney Company broke ground Friday on the Shanghai Disney Resort, after getting approval from the Chinese central government in Beijing.

"Today marks a significant milestone in the history of The Walt Disney Company," said Robert A. Iger, president and CEO of The Walt Disney Company. "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. Working with our Chinese partners, the Shanghai Disney Resort will be both authentically Disney and distinctly Chinese."

Friday's groundbreaking ceremony featured traditional Chinese drum music, a Mandarin soloist and a 50-voice children's choir from Shanghai. Mickey Mouse was also in attendance, dressed in a traditional Chinese costume.

"We're incredibly excited to build a Disney resort in Shanghai, one of the world's most vibrant cities," said Thomas O. Staggs, Chairman of Walt Disney Parks and Resorts. "We are hard at work designing Shanghai Disneyland, which when complete will be a special place where guests of all ages will discover a world of imagination, creativity, adventure and thrills."

The resort will "include a Magic Kingdom-style theme park with characteristics tailored to the Shanghai region and other amenities consistent with Disney's destination resorts worldwide," Disney said.

The new resort is scheduled to open in about five years. When it opens, Disney says the park will also have two themed hotels, a large retail, dining and entertainment venue, as well as recreational facilities, a lake and plenty of parking.

In total, building the resort is expected to cost more than four billion dollars, which will be split between the Walt Disney Company and its China partners.

Disney already has a Disneyland resort in Hong Kong, China, as well as in Tokyo, Japan, but Shanghai's would mark the first Disney resort in mainland China.

Disney has offices in Beijing, Shanghai and Guangzhou.

I'm really looking forward to this. I actually leave for Shanghai on Wednesday with my wife who is there on business. She is originally from the Shanghai area, so we will be visiting her family as well. We will spend 3 weeks there so it will be interesting to see how the locals are feeling about the new park.

[ShanPooh]

Just be aware comrade Mickey is watching you. I won't tell you what will happen if you do something wrong.

Having been to mainland China, I can tell you the answer is "not much".
Didn't the Red Scare die with McCarthy?

[Ramblingman]

I guess when the world comes under one ruling power, it won't be a government, it'll be the Disney board.