The investment amounts will be split between Disney and the Shanghai Shendi Group, with Disney holding 43 percent of the shares of the owner companies and government-backed Shendi holding the remaining 57 percent.Ī joint venture management company will also be formed, with Disney having a 70 percent stake and Shanghai Shendi Group holding a 30 percent stake. Disney said the target market population for the park is 330 million people, the number of whom live within a three-hour drive or train ride of Shanghai. Situated in an eastern suburb of Shanghai, the park aims to attract 7.3 million visitors annually when it opens in about five years. “When they come to the park, we want them to say: ‘Wow look at that big castle’,” Iger said of the key feature of the park. The entire resort will house two Disney-themed hotels, outdoor recreation areas and a large entertainment, retail and dining facility. Shanghai Disneyland will cover 3.9 square kilometres and will feature the largest Disney storybook castle in the world and have a huge 405,000 square metre lake. “For many years, Disney has had a great affinity for China and has been interested in sharing its great products and services with the people of China,” Iger said. “Today is a very, very special day in the history of Walt Disney,” Robert Iger, chief executive of Walt Disney Co, told a news conference. Hotels, additional entertainment and retail facilities will be built at a cost of 4.5 billion yuan ($687,825).ĭisney had long sought to build in Shanghai, China’s financial hub, and a wealthy city of 22 million that is ringed by the prosperous Yangtze River Delta, home to tens of millions more potential visitors.
Mickey and Minnie Mouse, dressed in traditional Chinese garb, took to the stage with Cinderella and Snow White to launch a Magic Kingdom-styled park tailored specifically to China.ĭisney’s first theme park in mainland China and its third in Asia will cost 24.5 billion yuan ($3.7 billion).
SHANGHAI, April 8 (Reuters) - Walt Disney Co broke ground on its long-awaited Shanghai Disneyland theme park on Friday, banking on its global brand and fairytale attractions to draw millions of visitors and boost its profits in the region.
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