Walt Disney (DIS.NYSE) has broken ground on its long-awaited first theme park in China, Bloomberg reported. The US$3.7 billion, 3.9 square-kilometer Shanghai Disneyland theme park will open in about five years. It is part of a resort that will include two hotels and a dining and retail area, at a total cost of US$4.4 billion. The project is a joint venture between Disney and state-owned Shanghai Shendi Group, with the government entity holding a 57% stake. Disney will also have a 70% stake in the management company that collects operating fees. Evercore Partners estimates that the company could rake in more than US$200 million in management fees over 10 years, plus licensing and merchandising revenue. The Shanghai government said last month that it expects 7.3 million visitors in the first year. Hong Kong Disneyland, which opened in 2005, failed to meet its target of 5.6 million visitors in the first year and Disney made a loss of US$93 million on the project in the 12 months to October 2 last year.