2010-11-05 10:23

Special Coverage: Rare as it is Related readings:  Disney boost for Chinese cartoon company  Disney says rides parks, consumer sales upswing

SHANGHAI - A government agency and a joint venture company were inaugurated Friday for Walt Disney Co's theme park in Shanghai, marking the much-awaited project in China's largest city would finally start construction.

Shanghai international tourist holiday resort administrative committee and Shanghai Shendi Group Co Ltd were inaugurated at 9:10 am for management and development of the Disney project in Shanghai.

Earlier reports said 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).