After almost 10 years negotiations and weeks of speculation and mounting anticipation, Shanghai has finally been given the green light to build a Disney theme park - but the public is still in the dark over the exact scope of the deal.
The announcement yesterday that the central government had given approval for the project follows nearly a decade of wrangling between the multinational entertainment giant and mainland authorities, and comes less than two weeks ahead of US President Barack Obama's first visit to China.
The Shanghai Disneyland is set to dwarf the Hong Kong park, and will put the two cities in greater competition as tourism destinations.
Approval for the project came from the National Development and Reform Commission, an arm of the State Council, late last month, the Shanghai government said in a brief statement released yesterday.
The release gave no details of the park's size, cost or construction schedule, but it has been widely reported to have a projected US$3.6 billion budget, making it one of the largest ever foreign investments on the mainland. The Shanghai government is also reported to have set aside about 400 hectares for the first phase of the park.
Disney chief executive Robert Iger said in a separate statement: 'This approval marks a very significant milestone for The Walt Disney Company in mainland China.'
The media conglomerate said the approval would allow it and its Shanghai partners to 'move forward toward a final agreement to build and operate the park and begin preliminary development work'.