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Shanghai Disneyland Gets Gov't Go-Ahead
China has officially approved the construction of a Disneyland theme park in Shanghai's eastern Pudong New District, China Daily reported November 4 quoting an announcement by the Shanghai municipal government.
The Walt Disney Company (NYSE:DIS) is expected to form a joint venture with several of Shanghai's large state-owned enterprises to invest in the project, said the report quoting unnamed officials in the Pudong New District government's Foreign Investment Department.
The project may displace residents in a 4 million square meter area in Zhaohang, Jinjia and Qigan villages, said the report quoting a Zhaohang official. Earlier media reports said that the $3.5 billion theme park will border Pudong's Chuangsha township.
Reports on Tuesday said that more than 17 companies had joined a tender, scheduled to close at 11 a.m. on November 4, for a land parcel 3.3 kilometers from the Disneyland site.
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