(Corrects name of listed unit in final paragraph to Shanghai
Wai Gaoqiao Free Trade Zone Development Co (600648.SS) from
Shanghai Jinqiao Export Processing Zone Development Co
(600639.SS), and rewrites to reflect that its share price
remained up by its 10 percent limit)
SHANGHAI Jan 8 Walt Disney Co (DIS.N) has
completed talks with the Shanghai government on plans to build
a Disneyland theme park in the city and the project will be
announced soon, the official Shanghai Securities News reported
on Thursday, citing people close to the talks.
Senior Disney executives came to Shanghai last December to
discuss details of cooperation with the local government and
the two sides achieved a consensus on the project, the
The project, however, has yet to receive approval from
China's central government, which will be essential if it is to
A spokeswoman for the Shanghai government declined to
comment. A Disney representative in Hong Kong could not
immediately be reached for comment.
The plan calls for Shanghai Disneyland to open to the
public in 2013, the newspaper said, citing an expert involved
in the feasibility study for the project.
Disney has engaged in on-again, off-again talks for more
than a decade with the Chinese government over plans to build a
large theme park and hotel complex in the southern outskirts of
Shanghai's Pudong district.
Those talks were stalled by a Shanghai government scandal
in 2006 and Disney's need to focus on Hong Kong Disneyland,
which opened in 2005 to a string of operational problems and
The Shanghai Securities News also said Shanghai Lujiazui
Group and Shanghai Waigaoqiao Group would take part in the
construction of the project.
Shares in their listed units Shanghai Lujiazui Finance &
Trade Zone Development Co (600663.SS) and Shanghai Wai Gaoqiao
Free Trade Zone Development Co (600648.SS) rose their 10
percent daily limits in morning trade on Thursday, although by
the end of the morning session Shanghai Lujiazui Development
had pared its gains to about 4.6 percent.
(Reporting by Samuel Shen; Editing by Edmund Klamann)