Disney breaks ground on Shanghai Disneyland

The Walt Disney Company broke ground today on the latest Disney theme park with a ceremony at Shanghai Disneyland.  The Park which is a joint venture with the  Shanghai government is due to open in 2016.
Speaking at the ceremony, which included gold-toned shovels and Disney characters dressed in traditional Chinese outfits, CEO Bob Iger said the park would be both “authentically Disney and distinctly Chinese”.
Bob Iger was joined by senior representatives of the Shanghai and Chinese government, who said the Disney resort would help raise the city’s profile as an international tourist destination.
Disney has spent over a decade getting government approval for the project, which will include a theme park covering 910,000 square metres.  The resort  which will including hotels, a lake and outside recreation facilities totalling 3.9 square kilometres.
Shanghai Disneyland will be Disney’s second Chinese park, following Hong Kong Disneyland which opened in 2005.
The Walt Disney Company will own 43 per cent of the new resort and will contribute an equivalent amount of financing, with 57 per cent coming from the state-owned Shanghai Shendi group.
Mr Iger said Disney also planned to invest in movie production in China, producing films that are “made in China, by the Chinese, for the local market, but Disney branded”.

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