Walt Disney Co. has received green signal from China’s central government to pursue a plan to build a theme park in Shanghai.
The approval will provide the California-based entertainment company with a chance to proceed with a project expected to be one of the largest foreign investment so far in China.
The Chinese government approved the theme park plan just a few days before US President Barack Obama’s first official visit to China.
Speaking on the issue, Robert Iger, Chief executive of Disney, said, “This approval marks a very significant milestone for The Walt Disney Company in mainland China.”
As per some media reports, the planned theme park would cost around $3.59 billion.
Walt Disney already operates one theme park in Hong Kong. But, the Shanghai Park, which will locate in the Pudong district, will be much larger as compared with the Hong Kong theme park.