The Walt Disney Company announced that the Project Application Report (PAR) for a Disney theme park in the Pudong district of Shanghai has received approval from the relevant authorities of the central government of China. “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 Robert Iger, president and CEO of The Walt Disney Company.

The PAR approval will enable Disney and its Shanghai partners to move forward toward a final agreement to build and operate the park and begin preliminary development work. Upon completion of the final agreement, the project’s initial phase would include a Magic Kingdom-style theme park with characteristics tailored to the Shanghai region and other amenities consistent with Disney's destination resorts worldwide.

Press reports suggested that Disney would own 40 percent of the new Shanghai venture, which could cost up to $3.5 billion, though Disney has not commented on its stake or the cost of the resort. The resort complex will be spread across 1,000 acres of Shanghai’s Pudong district, making it bigger than Disneyland in Anaheim, Calif., but similar to parks in Paris and Tokyo. Other press reports suggest that Disney has room to expand its Shanghai resort with other theme parks beyond just a version of the Magic Kingdom. About 300 million people are said to live within two hours of the planned Shanghai resort.

In its press release, Disney noted that its first animation screened in China in the 1930s and today it has offices in Beijing, Shanghai and Guangzhou with more than 600 employees. Disney currently has five theme park resorts --Disneyland Resort, Anaheim, Calif.; Walt Disney World Resort, Lake Buena Vista, Fla.; Tokyo Disney Resort, Urayasu, Chiba, Japan; Disneyland Paris, Marne-la-Vallée, France; and Hong Kong Disneyland Resort, located on Lantau Island. For more information on Disney , visit www.disney.com or www.disneytravelagents.com.

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