Walt Disney Co (DIS.NYSE) said it has signed a detailed agreement with local authorities in Shanghai on the joint operation of a Shanghai Disneyland, the Wall Street Journal reported. The deal – the initial phase of which is expected to cost US$3.5 billion – still requires Ministry of Commerce approval, but a broader agreement was approved by the State Council last November. The plan includes a 4-square-kilometer theme park, hotels and shopping facilities. Shanghai’s government has already begun relocating residents of the area where the park is planned. The park would constitute one of the largest-ever single foreign investments in China.
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