The Walt Disney Company has gained approval from the Chinese government to build a theme park in Shanghai. The theme park will be Disney’s fourth outside the U.S. According to Bloomberg, the park will cost approximately $3.6 billion and occupy 1,700 acres. Disney and its partners are now allowed to move forward in construction plans.
Reports state that the Chinese government will own a 57 percent stake in the Shanghai park and Disney will own the rest. The park may be completed by 2014.
Disney opened a Hong Kong resort in 2005, but residents of mainland China need a visa to visit. The Hong Kong park is also expected to add more rides such as “Toy Story Land” and “Grizzly Trail.”