07 Apr '11, 11pm

Work set to start on long-awaited China Disneyland

SHANGHAI : Walt Disney Co. was expected to break ground Friday on mainland China's long-awaited first Disneyland theme park in hopes that Mickey Mouse and friends will prove a hit in the country of 1.3 billion. Walt Disney Co. chief executive Bob Iger was expected to lead a ground-breaking ceremony in Shanghai, capping more than a decade of negotiations with the Chinese government to bring the Magic Kingdom to China. Final construction approval was expected to be issued Friday for the 24.4 billion yuan ($3.7 billion) project that Walt Disney Parks and Resorts Chairman Tom Staggs has called the "most exciting opportunity since Walt first bought land in Florida in 1964". The theme park is expected to take five years to build, with Disney a minority shareholder in the project and government-run Shanghai Shendi Group Co. holding a majority stake, previous state media reports s...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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