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Disney signs deal to build Shanghai theme park

Published: November 5, 2010 at 7:03 AM

Walt Disney Co. signed a formal agreement Friday with a company backed by the Shanghai municipal government to build a long-planned Shanghai Disneyland theme park in the financial hub of China, the two sides said in separate statements, MarketWatch reported.

Shanghai Disneyland will cost $3.59 billion, making it one of the largest-ever foreign investments in China. The signing of the agreement comes amid broad concerns about the health of the global economy and as Disney continues to struggle with its five-year-old Hong Kong theme park.

The Shanghai government said Disney signed the agreement with Shanghai Shendi Group Co., a company set up Friday to oversee the development of the theme park.

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