Entertainment giant Walt Disney is all set to open the doors for its much-awaited theme park in China on June 16. Standing at a worth of USD 5.5 billion, theme park Shanghai Disney Resort is the first of its kind in mainland China. The opening will come amid a slowdown in China's economic growth which has led to massive losses around the world.
Spanning across 963 acre, the theme park will open after more than a decade of planning. Construction of the resort, the sixth of its kind worldwide, started in 2011 with an investment of 34 billion yuan (about USD 5.5 billion).
The park will feature attractions unseen in five other Disney resorts worldwide, including the ones based on Marvel comics and Star Wars and others inspired by Chinese culture. Jointly owned by state-backed consortium Shanghai Shendi (57 per cent) and Walt Disney Co (43 per cent), the park is first in mainland China as there is already one in Hong Kong opened in 2005.
Theme parks are Disney's second largest business after television.Disney has been scouting to build a park in Shanghai since the 1990s. In 2002, it signed a letter of intent with the local government with the goal of a 2008 opening. Construction began in April 2011. Chinese and Hollywood companies have been forming partnerships and striking deals at an increasing rate recently, as studios rush to establish their brands in the world's most populous nation.