Society

New Disneyland project launched in Shanghai

(Xinhua)
Updated: 2010-11-05 10:21

A man works at the site where Walt Disney Co's theme park will be built in Shanghai, July 22, 2010. [File photo/Asianewsphoto]

SHANGHAI - Walt Disney Co clinched deal with a Shanghai firm Friday, marking the launching of a much-awaited theme park project in China's largest city.

Related readings:  Shanghai Disneyland may break ground in Nov  Shanghai Disneyland still locked in talks  Shanghai Disneyland's final plans unveiled  Shanghai Disneyland no threat to HK

The deal was reached with Shanghai Shendi Group Co Ltd, a company registered in August and inaugurated Friday for the development of Disney's Shanghai project.

An administrative committee was also inaugurated Friday for project management.

Shanghai's Disneyland received the green light from Chinese authorities last November. It was expected to cover a relatively small 4 square kilometers at a cost of 25 billion yuan ($3.6 billion).