Shanghai to begin building long-sought Disney park
SHANGHAI (AP) -- Walt Disney Co. and its Shanghai partner are breaking ground Friday for a long-awaited theme park that Disney hopes will draw legions of newly affluent Chinese and provide a cornerstone for its brand in the world's most populous country.
After about a decade's worth of speculation over the plan, Disney CEO Bob Iger and Shanghai dignitaries were attending the groundbreaking ceremony in former farm and factory grounds southeast of the city.
The theme park is estimated to cost about $3.6 billion and Shanghai, China's commercial capital, plans for it to be part of an "international tourism resort" zone located not far from the city's main international airport in Pudong.
(Copyright 2011 by The Associated Press. All Rights Reserved.)