Breaking Ground on The Shanghai Disney Resort

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The Walt Disney Co. announced today that it has finally broken ground on the biggest  “Magic Kingdom”, The Shanghai Disney Resort in China. The much anticipated and popular board topic is projected to open in 5 years.

This wasn't an overnight deal with Disney taking advantage of the booming economic conditions in China. It’s taken a 20 year courtship of sorts for the Walt Disney Co and the central government of China to bring the Shangai Disney Resort to reality. Chief Executive Officer Robert Iger called the investment a “defining moment”.

The Walt Disney Co. and it’s China partners,The Shanghai Shendi Group Co will invest $4.4 billion building the resort. The Shangai Shendi Group (a state-owned partnership) will own 57 percent of the resort with Disney owning the rest. The managing company majority will be Disney at 70 percent and the balance held by The Shanghai Shendi Group.

There are about 330 million people living within a three hour car or train ride from the site, Disney said. Shanghai also plans to spend $611 million on a 5.7-mile subway line to the theme park as part of the investment in infrastructure. Spending on domestic leisure travel in China may double to more than $200 billion by 2015, according to Tom Staggs, chairman of Walt Disney Parks & Resorts.

“China is the most exciting opportunity we’ve had since Walt first bought land in Florida in 1964,” Staggs, is quoted as saying in Feb at an investors presentation.

Photos credit ~ Disney
For more information check out ABC news
Shanghai Begins Building Long-Sought Disney Park - ABC News -