Magic

Disney Coming to Shanghai

The most magical place on earth might be opening up another outpost halfway across the world, as the Walt Disney Co. prepares to submit plans to build its first theme park in mainland China. The mouse-loving company is working with the Shanghai municipal government on plans to open a $3.59 billion park as early as 2014. Once Disney and the municipal government reach a deal, it must be submitted to the central government for review. The legal and financial framework of the deal has already been set. Disney would take a 43 percent equity stake in Shanghai Disneyland, while a joint-venture holding company would own the majority 57 percent. The first phase of the project would include the construction of a theme park, hotel, and shopping district on one square mile near the city's airport and is expected to take five or six years. Chinese parents better start saving now.