Disney Delivering Chinese Park

It took nearly 20 years of wooing, but Disney has finally won approval from China's central government to build a theme park in Shanghai.

The New York Times calls the agreement to build Shanghai Disneyland a landmark deal with big cultural and economic implications. The cost for the park alone, not counting resort hotels and the like, is estimated at $3.5 billion, one of the largest foreign investments ever made in China.

The resort including shopping areas, a theme park and hotels will cover 1,000 acres. The theme park will occupy 100 of those acres, making it bigger than the original Disneyland in Annaheim. And Disney would like to expand the resort to 1,700 acres, a size rivaling that of Disney World in Orlando.

Disney's development is almost as important culturally as it is as a business venture. Chinese authorities have zealously guarded their culture from signs of westernization--allowing only 20 Hollywood movies a year to be shown, for instance--and a Disney theme park is nothing if not a symbol of U.S. culture and entertainment.

There is already a Disney park in Hong Kong. But mainland Chinese must obtain special visas to travel to the island city.

Negotiations have been on and off since 1990, when then-Shanghai Mayor Zhu Rongii visited Disneyland and decided he wanted such a park in his city.

It wasn't clear what finally won Chinese government approval for the project, though some speculate it is tied with President Barack Obama's upcoming first visit to China.

Disney will own about 40 percent of the development, with a holding company of Chinese companies owning the other 60 percent.