Yu Zhengsheng (2nd R), head of Shanghai municipal Committee of the Communist Party of China, Robert Iger (2nd L), president and CEO of the Walt Disney Company based in the United States, attend the ceremony marking the start of construction work on the Shanghai Disneyland in Shanghai, east China, April 8, 2011. Construction work on the Shanghai Disney resort project began Friday. The Shanghai Disneyland theme park is scheduled for completion in five years. Supporting projects, including two hotels and retail and catering facilities, will also be built at an estimated cost of 4.5 billion yuan. [Xinhua/Ren Long]
Construction work on the Shanghai Disney resort project began Friday, sources with the Shanghai Shendi Group said.
A ground-breaking ceremony was held at the Pudong New Area of Shanghai in the morning. Yu Zhengsheng, head of the municipal Committee of the Communist Party of China (CPC), announced the commencement of the construction work on the project.
According to Robert Iger, president and CEO of the Walt Disney Company based in the United States, who also attended the ceremony, the castle in the Disney resort to be built will be the highest and biggest among Disneylands around the world.
Classic Disney cartoon images, including Mickey Mouse, Donald Duck, Snow White and the Seven Dwarves, were seen at the ground-breaking ceremony.
Cost for the project is estimated at 24.5 billion yuan (3.7 billion U.S. dollars).
Covering an area of 1.16 square kilometers, the theme park inside the 3.9-sq-km Shanghai Disney resort will be the world's sixth Disney amusement park and the first one in the Chinese mainland. It was also the third of its kind in Asia, after those in Tokyo and Hong Kong.
Shanghai Shendi Group, which was registered in August 2010, joined hands with Walt Disney Co to undertake the development, construction, investment, operation and management of the Disney theme park and related facilities.
They have established three joint-venture companies. One takes charge of the theme park, one is responsible for supporting facilities, and the third is a management firm.
The Chinese side, holding 30 percent of the management company, is entitled to appoint members of the board, supervisors, vice general manager and other senior executives for the company.
Both the Chinese and American sides participate in the project with cash. No land-use or intellectual property rights are used as stakes in the project.
The Shanghai Disney land theme park is scheduled for completion in five years. Supporting projects, including two hotels and retail and catering facilities, will also be built at an estimated cost of 4.5 billion yuan.
The agreement for the Shanghai Disney project was signed in November 2010.