Shanghai: The Shanghai Disneyland project has been approved by the Chinese central government, authorities said Wednesday.
The disneyland is planned to come up in the Pudong new district of Shanghai, a news daily report said.
Disney President and CEO Robert Iger said that China is one of the most dynamic, exciting and important countries in the world, and this approval marks "a very significant milestone" for the Walt Disney Company in China`s mainland.
The foreign investment department officials said that several big state-owned firms in Shanghai would be forming a joint venture with the Walt Disney Co to fund the project.
The Shanghai municipal government and the Walt Disney Co. reached an agreement on building China`s first Disneyland, Shanghai Mayor Han Zheng had said in January.
The multi-billion dollar project is expected to benefit industries, including property development, hotels, transport and entertainment, said Hou Zhigang, an associate professor with the Fudan University, Shanghai.
IANS
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Cookies Setting
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device and the processing of information obtained via those cookies (including about your preferences, device and online activity) by us and our commercial partners to enhance site navigation, personalise ads, analyze site usage, and assist in our marketing efforts. More information can be found in our Cookies and Privacy Policy. You can amend your cookie settings to reject non-essential cookies by clicking Cookie Settings below.
Manage Consent Preferences
Strictly Necessary Cookies
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work or you may not be able to login.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They are also used to limit the number of times you see an advert as well as help measure the effectiveness of an advertising campaign. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we may not know when you have visited our site, and may not be able to monitor its performance.