Beijing approves Shanghai Disney park

Beiing has finally given the go-ahead to Walt Disney to build their first theme park mainland China, the Wall Street Journal reported. The long-awaited approval will allow the company to begin construction of the Shanghai park, which is valued at an estamated US$4 billion and expected to rank as one of the largest-ever foreign investments into the country. The park, which will be situated in Pudong, is expected to be significantly bigger than Disney’s theme park in Hong Kong. Burbank, the entertainment company which owns and operates Disney, have not given any indication about the timing or value of the project, saying only that both they and the Shanghai government are committed to "long-term cooperation to build a world-class Disney Park in Pudong."