Shanghai Disneyland yet to be approved

Aug. 11, 2009 (China Knowledge) -The Chinese government has not yet approved the plans to build a Disneyland theme park in Shanghai, even though local authorities and The Walt Disney Co have reached a preliminary agreement about the project, the China Daily reported on Monday.

The Shanghai municipal government has kept close watch on the project, which is considered a very important tourism project. Disney and Shanghai may invest tens of billions of RMB in the theme park project, said officials from Shanghai's Pudong New Area.

Disney could not be reached for comment, said the newspaper.

In March, Disney said the company and the Shanghai municipal government would submit a plan to the Chinese government for a theme park in Shanghai.

Previous reports said that Shanghai's Disneyland would involve an investment of RMB 3.5 billion, that Disney would hold a 43% stake, that the park would be built by 2014 and that it would be located on the east bank of Shanghai's Huangpu River.

If the project is approved, the theme park would be the second Disneyland park in China. The first one was launched in Hong Kong in 2005.