Walt Disney Company (Disney) has announced its partnership with the Shanghai municipal government to develop Shanghai Disneyland, its fourth Disney theme park outside the United States.

The other locations are: Paris, Tokyo and Hong Kong.

Disney is expected to hold 43% equity stake in Shanghai Disneyland while the remaining stake will be held by a joint venture holding company owned by the local government.

Located nearby Shanghai Pudong International Airport and scheduled to open in 2014, the first phase of the project is estimated to cost approximately US$3.59 billion, including a theme park, hotel and shopping district.

According to Disney, development plans of the theme park will be submitted to the central government for approval.

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