Walt Disney Co has announced that it has received approval from the mainland Chinese authorities to set up a Disney Theme Park in Pudong District of Shanghai.

To be developed on a four-million-square-metre site, the development is envisaged to include a Magic Kingdom-style theme park, hotels and retail facilities.

The project is expected to cost a total of US$3.6 billion and forecast to be completed within six years.

It was reported that Walt Disney Co is likely to own about 40% of the development while the remaining shares are likely to be held by a holding company formed by a consortium of Chinese companies.

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