The Chinese government has approved an application from Walt Disney to build a theme park in Shanghai, paving the way for the media company to establish a foothold in mainland China. With an estimated cost of US$3.5B, the park would be one of the biggest investments in China by an international company. “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 mainland China,” said Bob Iger, chief executive. Disney already has a theme park in Hong Kong but has long coveted a park in Shanghai, viewing the city as a perfect entry point for the mainland Chinese market. It has been in talks with officials in China for a decade but made its first official application to construct a park this year. A Shanghai park would raise the company’s profile in China, increasing its ability to cross promote and sell TV programming, films and consumer products that are based on its library of characters. Read more
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