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 |  Wall Street Journal - 21 minutes ago The Chinese central government's approval of Walt Disney Co.'s planned theme park in Shanghai could pave the way for one of the largest foreign investments ever in China, and marks an important milestone for the US entertainment company's effort to ... Reuters -
Nov-04-2009Shanghai Disney Project Includes Hotels, Shopping(topic overview)
CONTENTS:
- "The Project Application Report (PAR) for a Disney theme park in the Pudong district of Shanghai has received approval from the relevant authorities of the central government of China," the company said in a statement on Tuesday. (More...)
- Gold counters rise on higher gold prices (Updates to close) By Jun Ebias and Claire Zhang HONG KONG/SHANGHAI, Nov 4 (Reuters) - Hong Kong stocks closed up 1.76 percent in an anaemic session on Wednesday, as investors snapped yo banks and gold counters, while Shanghai closed close to a three-month high, led by metals shares. (More...)
- Hong Kong Disneyland Resort Managing Director Andrew Kam said the announcement marked "another significant step for Disney" in China, an important and dynamic market. (More...)
- The key central government approval must still be followed by more detailed talks between Disney and Shanghai. (More...)
- The Shanghai park would similarly reflect mainland sensibilities, people familiar with the plans said. (More...)
- While the final details are still being worked on, the first stage of the project will be a Magic Kingdom-style park in China's biggest city. (More...)
- At the site where the Walt Disney Corporation plans to build the resort is a field just waiting for a little Pixie dust and some bulldozers. (More...)
- The two theme parks will aim to draw people from different sectors of society. (More...)
- An official involved in the project talks said the park's planned area was estimated at 7 square km. (More...)
- "I may not go if the price is set as high as Hong Kong's," said Eric Chen, a 26-old-year doctor. (More...)
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"The Project Application Report (PAR) for a Disney theme park in the Pudong district of Shanghai has received approval from the relevant authorities of the central government of China," the company said in a statement on Tuesday. "China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company in mainland China," Disney president and CEO Robert Iger said in the statement. [1] The approval by the National Development and Reform Commission will allow Shanghai, China's biggest city, and Disney to work on final details for the amusement park, to be located in the city's eastern Pudong district. "China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company in mainland China," Robert A. Iger, president and CEO of The Walt Disney Company, said in a statement. It said the initial phase of the project would include a "Magic Kingdom-style theme park with characteristics tailored to the Shanghai region."[2]
For more than a decade, The Walt Disney Company has been in talks with Chinese officials about building a large theme park and hotel complex in the country's financial capital. Those plans were given a major shot in the arm by the confirmation that the project had been given the go-ahead by the central government in Beijing. 'China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company in mainland China,' Robert A Iger, the president and chief executive of Disneyland, said.[3] LOS ANGELES, Nov. 3 (Xinhua) -- Plans for a Disney theme park in Shanghai were given preliminary approval by China's central government, Disney announced Tuesday. "China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for the Walt Disney Company in mainland China," said Robert A. Iger, president and CEO of The Walt Disney Co.[4]
The Chinese central government approved a broad agreement, outlining the legal and financial framework for the park. The decision clears the way for Disney and Shanghai to work out detailed plans for building and operating the park, addressing such issues as subway and road access to the park as well as finances. "China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for the Walt Disney Co. in mainland China," Disney Chief Executive Robert Iger said in a statement.[5]
The Chinese central government's approval of Walt Disney Co.' s planned theme park in Shanghai could pave the way for one of the largest foreign investments ever in China, and marks an important milestone for the U.S. entertainment company's effort to extend its brand in the world's most populous nation. Chinese authorities on Wednesday confirmed an announcement by Burbank, Calif. -based Disney that it had won Beijing's endorsement for its project after years of planning. If it is completed, Shanghai Disneyland would offer the company a significant presence in a market that, despite its size, has numerous hurdles to the distribution of.[6] Dennis Speigel, president of International Theme Park Services Inc., a consultant to theme park developers, said the latest venture was a smart move by Disney to stake a claim in Shanghai even though a theme park wouldn't be developed for six to eight years. Speigel said Disney has had some problems adjusting its product to foreign audiences. He said Mickey Mouse didn't appeal much to Disney guests at the Hong Kong park until the company researched Chinese media and mainstream culture and found he would be more appealing without a mouth. He also said Disney has realized that the Hong Kong Disneyland is too small and confining and has been upstaged by a nearby marine-themed park called Ocean Park Hong Kong. Speigel said that by winning approval from the Chinese government now, Disney will be in a position to thrive in Shanghai "when they are ready and the time is appropriate." Gene Jeffers, executive director of Themed Entertainment Assn., a trade group of designers and builders of theme parks and special events, said he was optimistic that Disney could succeed in Shanghai. "Something like this is good for our industry," he said. Nicole Liu of The Times' Beijing Bureau contributed to this report.[5] The company and the Hong Kong government announced a major expansion in July, in hopes of boosting attendance by increasing the number of theme areas to seven from four over the next five years, tackling criticism that the world's smallest Disneyland didn't offer enough attractions. James H. Higashi, a principal of Management Resources in Tustin, a consultant to the theme park industry, noted that Shanghai was one of the most populated regions in the world, offering Disney a prime location not only to draw visitors but also to market other Disney products such as movies and consumer products to a huge portion of China. "From a strategic standpoint, it's one of the best markets in the world," Higashi said. He said Disney theme parks have had trouble adjusting to the foreign markets -- the Paris operation is saddled with huge debt and the Hong Kong location has operated at a loss -- but he expects the company to do well in the long run, given Shanghai's rising reputation as one of the world's premier cities, both in culture and business.[5]
The breakthrough comes just two weeks ahead of a scheduled trip to China by U.S. President Barack Obama, a visit analysts had expected to help spur a decision on the park. The deal has been seen by some as a feel-good bilateral story, highlighting U.S. cultural influence and an investment that does not entail U.S. manufacturing job losses, while China gets a boost to its leisure sector and to domestic demand as it tries to trim its dependence on exports. Disney will be hoping the Shanghai park, with an estimated price tag of $3.6 billion, will fare better than its Hong Kong property, which has struggled with lower-than-expected attendance and financial losses since it opened in 2005. Disney, Time Warner and News Corp have surprisingly little to show for their years of effort and extensive investments in China. "I wouldn't say this is a one-off gain," said Vivek Couto, executive director of Media Partners Asia, commenting on the deal's significance to the broader foreign media effort to gain a foothold in China. "But it's in a non-sensitive space. It's a theme park. It's got nothing to do with television content that can be politically sensitive or competitive with other major Chinese companies in the space."[7] Officials in Shanghai, mainland China's main financial and commercial hub, are forecasting a boom in tourism and job creation thanks to the theme park project ''' an initiative Disney has been pursuing for about a decade. The company already employs hundreds of Chinese staffers at its offices in Shanghai, Beijing and Guangzhou and opened a theme park in Hong Kong in 2005. While the Hong Kong park has suffered from disappointing attendance since its opening, officials there downplay any competition with the prospective new facility in Shanghai.[8] Walt Disney Company will now be able to build the park in Shanghai - the first in mainland China. It will be Disney's fourth outside the U.S., after Paris, Tokyo, and Hong Kong. Government officials in Hong Kong have insisted the new park won't be a competitor to their venue, which opened its doors in 2005.[9] Disney and the Shanghai municipal government jointly submitted plans in January to build a $3.59-billion park to open as early as 2014. It would be the entertainment giant's fourth theme park outside the U.S., after Paris, Tokyo and Hong Kong -- and the first in mainland China, the fastest-growing mass market in the world.[5] Shanghai's city government issued a brief statement announcing the approval. Disney has gradually expanded its presence in mainland China after opening a theme park in Hong Kong in 2005 and now has offices in Shanghai, Beijing and Guangzhou.[2] Some residents were long ago moved off farmland in Chuansha, a part of Pudong district near the city's main international airport, to make way for the theme park. Disney has gradually expanded its presence in mainland China after opening a theme park in Hong Kong in 2005 and now has offices in Shanghai, Beijing and Guangzhou.[10] Villagers watch TV journalists broadcasting from the empty field in Shanghai's eastern Pudong district where Disney plans to build its first theme park in mainland China. (Andy Wong/Associated Press) China's planning agency has approved the Walt Disney Company's proposal to build one of its massive amusement parks in the bustling city of Shanghai.[8] Walt Disney Co. (NYSE: DIS) won the government approval to build a theme park in Shanghai, thus giving it access to consumers in mainland China's richest city. Walt Disney Co. ( DIS ]] DIS ) stock surged past the 20 days and 50 days MA to $28.7 on Wednesday on the back of this news, which augurs well for Walt Disney Co. ( DIS ).[11] The Magic Kingdom is to set up in the Middle Kingdom, concluding a decade of talks on a Disney park for China. Communist Party mandarins in Beijing ended years of suspense earlier today by granting approval to Walt Disney Co to build its long-awaited first theme park in mainland China. The announcement that Mickey Mouse may at last be able to set foot on the soil of mainland China comes less than two weeks before U.S. President Barack Obama makes his first official visit, starting on November 15 in Shanghai.[12] Disney opened a theme park in Hong Kong in 2005. The timing was also just ahead of a scheduled trip by U.S. President Barack Obama to Shanghai and Beijing between November 15 and November 18, his first official visit to China. Today's statements neither specified a timetable to set up the park in Shanghai nor revealed its size or investment.[13] Officials from the Hong Kong Disneyland try to ease the worriness. They say it's focusing on an expansion plan, and hopes to start construction as soon as possible. CEO of Hong Kong Disneyland, Kam Min-ho, says Shanghai Disneyland will not put a crimp in its business. The U.S. Disney company has a plan to differentiate their approaches. Kam Min-ho, CEO of Hong Kong Disneyland, said, "Both Hong Kong and Shanghai's Disneyland theme parks are operated by the Disney company.[14] The planned Shanghai Disneyland theme park and the existing Hong Kong Disneyland can be complementary, a senior official of the Hong Kong special administrative region government said Wednesday.[15] Secretary for Commerce and Economic Development of the Hong Kong Special Administrative Region (HKSAR) government Rita Lau said Wednesday that the planned Shanghai Disneyland theme park and the existing Hong Kong Disneyland would complement each other. She said the Chinese economy was growing fast and the Chinese market, with its huge potential, would be big enough to sustain two Disneyland theme parks.[16] Secretary for Commerce and Economic Development Rita Lau said the two parks could even cooperate with each other in the future to tap the Chinese market. The Chinese economy is growing fast and the Chinese market, with its huge potential, will be big enough to sustain two Disneyland theme parks, she said, adding that the tourist industry in Hong Kong can cooperate with businesses in the region to develop multi-destination products.[15]
HONG KONG (Fortune) -- China's announcement on Wednesday that Walt Disney could go ahead with its long-planned theme park in Shanghai raised a few eyebrows in Hong Kong. That's because Disney's first foray into the China market, via Hong Kong in 2005, has been tepid at best -- and embarrassing at worst.[17] Walt Disney said: "The Project Application Report (PAR) for a Disney theme park in the Pudong district of Shanghai has received approval from the relevant authorities of the central government of China."[12] The local government is now in discussions with Walt Disney about details in cooperation and will seek "long-term alliance to build a top-level Disneyland in Pudong," the statement said. In a separate statement, Walt Disney said that the government approval on the so-called the Project Application Report for the Disneyland would allow both sides to "move forward toward a final agreement." It added that the first phase of the project would include a "Magic Kingdom-style" theme park with characteristics tailored to Shanghai.[13] SHANGHAI has won state approval to build a Disney park in Pudong New Area, paving the way for the entry of the United States entertainment giant into China's mainland in a deal that could also boost local economy. Shanghai and Walt Disney Co applied to set up the park after signing a framework agreement earlier this year, the city government said in a statement yesterday.[13] Pudong is the new, business heart of Shanghai where dozens of skyscrapers have sprouted in the last decade along with countless apartment blocks. A Disney park could boost this somewhat soulless sea of offices and shopping malls and even revive the fortunes of a city facing tough competition from China's many other resurgent urban centres. Robert Iger, Disney's president and chief executive officer, said: "China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company."[12] The disneyland is planned to come up in the Pudong new district of Shanghai, a Xinhua report said. Disney President and CEO Robert Iger said that China is one of the most dynamic, exciting and important countries in the world, and this approval marks 'a very significant milestone' for the Walt Disney Company in China's mainland.[18]
Disney president and CEO Robert Iger said in a statement that China was one of the most dynamic, exciting and important countries in the world, and the approval marked "a very significant milestone" for the Walt Disney Company in China's mainland. The California-based company had its theme park business affected by the economic downturn. It reported a 19 percent year-on-year fall in profits from its parks and resorts for the fiscal third quarter in July.[16] The announcement comes just weeks before U.S. president Barack Obama's planned visit to the city and after a decade of stalled talks between the government and the company. Disney president and CEO Robert Iger said: "China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for the Walt Disney Company in mainland China."[9] The price tag has been reported to be one of the largest-ever foreign investments in China, in the neighborhood of $4 billion. "China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for the Walt Disney Company," Disney president Robert A. Iger said in a statement.[17]
Photojournalist relives Iran hostage crisis in exhibit Thirty years ago, Canadian Press photographer Peter Bregg eagerly flew to Iran to cover the capture of 66 hostages at the American Embassy in Tehran. Disney's Shanghai theme park plans OK'd China's planning agency has approved the Walt Disney Company's proposal to build one of its massive amusement parks in the bustling city of Shanghai. Martin, Baldwin will co-host Oscars Hollywood veterans Steve Martin and Alec Baldwin will be co-hosts for the 82nd Academy Awards, the Academy of Motion Picture Arts and Sciences said Tuesday. Rihanna opens up about assault Chart-topping pop singer Rihanna has opened up about being assaulted by her former boyfriend, fellow entertainer Chris Brown, in a TV interview to air later this week and in the upcoming issue of Glamour magazine.[8] The Walt Disney Company announced on Wednesday that China has approved plans for a theme park in Shanghai, the New York Times reported.[19] Beijing has approved plans to build a Disney theme park in Shanghai, a major milestone in the more than decade-long effort by Walt Disney Co. to dramatically expand its reach into China.[5] SHANGHAI — China's planning agency has approved plans for a Disney theme park in Shanghai, the Walt Disney Co. said Wednesday, a major step toward setting a deal for the long awaited project.[2]
Rumours that official approval was imminent had lifted the shares in recent days. Walt Disney Co ( DIS.N ) and the Shanghai government said on Wednesday they were in detailed talks on a deal to build a theme park in Shanghai after getting the nod from the central government.[20] Shares that may benefit from plans for a Shanghai Disney theme park or that own land in the Pudong area where it will be built bucked the market's uptrend on Wednesday, hit by profit-taking after the long-awaited deal received official approval from the central government.[21] Shares that may benefit from plans for a Shanghai Disney theme park or that own land in the Pudong area where it is expected to be built fell after Beijing gave the official nod to the project.[20]
China's key stock index was up 0.6 percent at midday, but shares that may benefit from the building of a Shanghai Disney theme park were hit by profit-taking after the government approved it.[20] The Chinese government has approved plans for a Shanghai Disneyland. The Shanghai Disneyland will be Disney's first theme park in mainland China, according to the BBC. The corporation has been planning its China Disneyland for more than a decade.[22] A survey on eastday.com suggests a lack of enthusiasm too. The Burbank, Calif., entertainment giant and the Shanghai government announced that they have central-government approval to build mainland China'''s first Disney theme park and resort, which means contracts to build can now be hashed out.[23] The entertainment giant, too, acknowledged receiving approval for the same from the Chinese government. Shanghai, November 4 -- The Shanghai government Wednesday announced its approval for the Walt Disney Company to build a theme park in Shanghai.[24] Walt Disney Co said early today it has received Chinese government approval to build a theme park in Shanghai.[25]
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.[26] Approval from the central government allows Disney and its Shanghai partners to move forward toward a final agreement to build and operate the park in China's biggest city, and begin preliminary development work in the city's Pudong region, Disney said.[3]
SHANGHAI, Nov 4 (Reuters) - The Shanghai government said on Wednesday that it is in detailed talks to build a world-class Disney theme park in the Pudong district of Shanghai, after getting the nod from the central government in late October.[27] Land to be auctioned today in Chuansha for the Disney project is likely to break through 10,000 yuan per sq m, National Business Daily reported, citing Zhao Yuchuan, a manager from real estate agency Fangfang based in Shanghai. Shanghai Mayor Han Zheng said on Sunday that the city will hold a press conference as early as this week to talk about details of the theme park, without elaborating on whether the park had been approved by the central government.[28]
SHANGHAI, Nov 4 (Bernama) -- China's central government has officially approved the Shanghai Disneyland Project, the Shanghai municipal government announced Wednesday. It will take another five years for the park's first phase of construction to be completed, China's Xinhua news agency quoted a spokesman for the Pudong New District government as saying.[16] Here's to unholy matrimony: Disney announced yesterday that China has allowed them to move forward with construction of a new park in Shanghai, its first new resort since 2005's Hong Kong Disneyland and its third in Asia. You thought the fight over EuroDisney was good? Wait till you see the Chinese version of "It's A Small World."[29] Disney in Hong Kong, which now is run by a Chinese managing director and has been working to adapt to local tastes, reiterated in a statement on Wednesday that it is planning a $452 million expansion. It still expects to draw visitors from the greater Pearl River Delta region, home to roughly 60 million people in Guangdong province, Macau and its surroundings, although population estimates vary. (Roughly 50% of visitors to both Ocean Park and Hong Kong Disneyland come from mainland China.)[17] "We at Hong Kong Disneyland are focused on getting our exciting project underway as soon as possible," he said, referring to an expansion project on Hong Kong Disneyland. Margaret Fong, commissioner for tourism, said she was confident that the Hong Kong Disneyland will remain attractive and competitive, adding that the Hong Kong park attracts visitors from not only mainland but also southeast Asia and other places. Local business people and visitors said they expected the desire for the Chinese mainland visitors to visit Hong Kong Disneyland to be reduced but the Hong Kong park, with some unique attractions, should remain attractive to visitors from nearby.[15]
"Oh that's great!" said a local resident of Chuansha town when told of the project's approval. He would give only his surname, Cai, out of fears that his comments might affect negotiations with local officials over compensation for his resettlement. "The Disney park would make this area into a whole new world," Cai said. Associated Press Writer Min Lee in Hong Kong and researcher Ji Chen in Shanghai contributed to this report.[2] Disney's theme park in Hong Kong has suffered disappointing attendance, raising questions over the prospects for success of the Shanghai park. The plan is popular among local residents, especially those who might end up profiting from its construction.[2] Disney's theme park in Hong Kong has recently suffered from declines in attendance, leading to some speculation as to the viability of a Shanghai park, but the local citizens remain supportive of the venture for the economic benefits it should, theoretically, bring to the local level.[19] Disney's theme park in Hong Kong has suffered disappointing attendance though, raising questions over the prospects for success of the Shanghai park.[10]
'''Visitors from Guangdong and southern China will still find Hong Kong more convenient while Shanghai will attract visitors from northern and eastern China,''' said Paul Tang, chief economist of Bank of East Asia. "From our point of view the Hong Kong and Shanghai parks are not competitors, they're complementary," says a spokeswoman for Disney.[24] Disney was unsurprisingly upbeat about the size of the market for a park in one of the most prosperous regions of China. A spokeswoman said: "From our point of view the Hong Kong and Shanghai parks are not competitors, they're complementary.[12]
Last spring, Mayor Han said on the sidelines of the national legislative session that the two sides were getting down to serious negotiations. He compared Disney and Shanghai to "lovers, still in love but having a hard time deciding when to get married," the Shanghai newspaper Oriental Morning Post quoted him as saying. Shanghai's leaders are keen to develop this former bastion of Chinese industry into a global services and financial center, and building a Disney park would create jobs and be a key draw for tourism. Disney had long insisted it was focusing on building up its park in Hong Kong — a Chinese territory.[2] The success of Ocean Park by contrast proves just how much Disney has to learn about catering to Chinese clientele. Zeman, a Canadian businessman who has lived in Hong Kong for 40 years, put in place a major development and renovation project at Ocean Park when he heard Disney was coming to town. His attendance numbers have trumped Disney's -- earning Zeman the nickname "The Mousekiller" and accolades including case studies by Harvard Business School.[17] Visitor numbers fell 20% in the second year to just 4 million, and grew to 4.5 million visitors in the 2007-2008 fiscal year, still far below the numbers it hoped to draw. Why? Because Disney ( DIS, Fortune 500 ) failed to gauge local tastes, opened with a park that was too small to meet the grandiose expectations of its clientele, made some public relations mistakes early on, and took too long to adapt to local food, culture, and tastes, according to Allan Zeman, the chairman of the rival Ocean Park theme park in Hong Kong.[17] After years of missteps, Disney's annual visitors in Hong Kong are still about 25% below original targets set at the park's opening. In its first year, Disney's Hong Kong park attracted 5.2 million people, below its goal of 5.6 million.[17]
The Hong Kong venue opened in 2005. It is the smallest of Disney's 5 parks around the globe. It plans to develop another 3 theme areas and 30 facilities in the next five years, expanding by almost a quarter of its current area.[14] Disney currently runs five theme parks around the world. They are located in California and Florida in the U.S., in Tokyo, Paris and in the Hong Kong SAR. All have generated huge profits but the parks have also faced tough times.[30] Talks about the theme park have been ongoing for almost a decade, and the newly-approved park will be bigger and provide more direct access to the local market than its Hong Kong location, which residents of mainland China need special permission to visit.[31]
TV journalists doing news broadcasting on an empty field which plans for a Disney theme park at the eastern Pudong district of Shanghai, China, on Wednesday, Nov. 4, 2009.[2] SHANGHAI (AP) -- China's National Development and Reform Commission will allow Shanghai, China's biggest city, and Disney to work on final details for an amusement park, to be located in the city's eastern Pudong district. The news was met with general happiness by many local residents that own their land and hope that the buyout, which is to be assessed in December, will be generous.[10]
Pudong is Shanghai'''s new business heart where several skyscrapers have risen in the last decade alongside a multitude of apartment complexes. A Disney theme park would certainly contribute to inject life into this rather soulless ocean of offices and shopping malls and may even rekindle the fortunes of Shanghai which is facing tough competition from several other urban centres in China.[32] SHANGHAI/LOS ANGELES (Reuters) - The Walt Disney Co's breakthrough deal to build one of its signature theme parks in Shanghai marks a significant advance for Western media and entertainment firms trying to crack a tough China market.[7] WASHINGTON — China has given its thumbs up to building a multi-billion dollar Disney theme park in Shanghai, the Walt Disney Co has said.[1]
Datang Telecom Technology Co. advanced 8 percent to 12.55 yuan, while Eastcompeace Smart Card Co. leaped by the daily 10 percent maximum to 14.29 yuan. Shanghai-based companies ended mixed after The Walt Disney Co. announced Wednesday government officials have approved its plans to build a theme park there.[33] The final approval was given from the government officials today in Beijing to allow a park to be built by the Walt Disney Corporation. According to the BBC and other major news sources, the Disney Park in Shanghai is well on its way to becoming reality as it was approved last night. The initial step for the latest edition to the Disney Resort family, this Disney park has been in the planning stages for over 10 years and the projection date of completion is 2014.[34]
The company had agreed the framework for the deal to build the theme park in Shanghai with the local government. In the past, Shanghai's mayor has described Shanghai and Disney as like two lovers who know they're in love with each other but are finding it hard to decide when exactly to get married. That was because the deal needed Beijing's approval. This was the biggest hurdle the company had to clear, so the fact that they have achieved it means the park is all but certain to be built.[35] The PAR approval, the company said, will allow Disney and its Shanghai partners to "move forward toward a final agreement" to build and operate the "Magic Kingdom-style theme park with characteristics tailored to the Shanghai region." No estimate was provided for the upcoming project nor time frame for its commencement.[1]
Upon completion of the final agreement, the project's initial phase would include a Magic Kingdom-style theme park tailored to the Shanghai region, along with other amenities consistent with other Disney parks. Disney said that its first animation was shown in China in the 1930s.[4]
Shanghai will be home to the most ambitious Disney theme park in the world if plans approved by China's National Development Commission go ahead.[36] China's planning agency has approved plans for a Disney theme park in Shanghai.[10]
Local media reported last week citing unidentified sources that the visit of United States President Barack Obama to China from Nov 15 to 18 could accelerate the Disney theme park's landing in Shanghai.[28] GOOD DAY FOR: A cultural revolution, after Disney got permission to build a theme park in Shanghai, China's financial capital. BAD DAY FOR: Shifting into reverse, after General Motors infuriated Germany and Russia by backing out of a deal to sell its Opel subsidiary to auto-parts maker Magna and Russian bank Sberbank.[37]
Government officials didn't disclose the use of the expropriated lands, but Shanghai Securities News indicated that the lands in the announcement would be used for the Disney theme park.[28] "Currently, the Chinese and U.S. sides of the project are in deep discussions on concrete details of cooperation and will work together to build a world-class Disney park in Shanghai's Pudong New Area," said the Shanghai government.[24] Approval of the Project Application Report would enable Disney and its Shanghai partners to move toward a final agreement for construction and operation of the park and begin preliminary development work in Shanghai's Pudong area, the company said in a news release.[4]
While the area earmarked for Disney -- in the Pudong district of Shanghai -- has yet to be defined and is still to be negotiated over the next few months, according to the Shanghai government, it is expected to be much larger than the space allocated in Hong Kong.[17] The Hong Kong government, which owns a majority stake in Hong Kong Disneyland, tried to downplay the prospect that the new Shanghai park would draw visitors away.[2] Hong Kong business people have said the number of tourists from the mainland would fall as Disneyland visitors would be drawn to the Shanghai park, but the Hong Kong park, with some unique attractions, should remain an attraction.[16]
Paris Disneyland received more visitors than the Louvre and Eiffel Tower. The latest Hong Kong park opened in 2005, as the SAR government hoped it could stimulate its economy by attracting more travellers from the mainland and overseas.[30] Margaret Fong, commissioner for tourism with the (HKSAR) government, said the Hong Kong park attracted visitors from not only mainland but also southeast Asia and other places.[16]
Government officials in Hong Kong insist the Shanghai park will not be a competitor.[35] A CNN Money article offers some suggestions for Shanghai Disneyland based on Ocean Park, a family attraction currently eating Hong Kong Disneyland's lunch thanks to Canadian chairman Allan Zeman.[29] Disney hopes to open the Shanghai Disneyland by the year 2014. It already has operations in Hong Kong, where its fifth resort was built in 2005.[24]
Earlier media reports have placed the cost of the park at around US$3.6 billion with an estimated size of as big as 10 square kilometers. Analysts said that building a Disneyland in Shanghai could help the city sustain its economic growth via fuelling both investment and spending after the World Expo, a half-year event that will be held in the city next year. "Like World Expo, Disney park will also bring a golden chance to the city to develop its services industry," said Tu Jun, an analyst with Shanghai Securities Co. "It could drive investment in a near term and boost consumption in a long term."[13] The South China Morning Post on Monday quoted an unnamed Chinese government official who said the 3.6 billion dollar amusement park had been approved. Shanghai has been working for almost a decade to land a world-class amusement park, partly to shore up its lagging economic growth compared with other Chinese cities, the newspaper report said. There had been speculation that the announcement would come during U.S. President Barack Obama's visit to China later this month.[1] 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.[26] Mickey Mouse looks set to come to mainland China at last after Disneyland gets approval to build a theme park in the country's largest city.[36] Disney has about 5,000 branded locations selling merchandise across mainland China and hopes the presence of a theme park will further boost sales to a population of 1.3 billion.[35]
The threat to Disney is almost certainly not a recession, but inflation could hurt''its huge investment in a new theme park. There is a theory that the rapidly expanding Chinese economy, driven in large part by its $585 billion stimulus package, could begin to form asset bubbles and double-digit inflation. That would put consumer-centric companies at some risk of not being able to raised their prices fast enough to keep up with the rising costs of labor, energy, and commodities.[38] Like all examples of the creeping co-option of other cultures by American mass entertainment, the notion of a Chinese Disney fan base tickles our fancy. Will it be a success, considering Hong King Disneyland is a constant underperformer and Disney theme parks overall have been pinched by the global economic downturn? Surely it's bad news for the planned Marvel - Disney park in Dubai, originally scheduled to open in 2011 but whose details are a complete mystery compared to this new venture.[29]
Wednesday's government approval for the theme park caps years of on-off talks between Disney and Chinese authorities, who are wary of too much foreign influence in the highly sensitive sectors of media and popular culture.[7] The Chinese government has given the green light to a Disney theme park after 10 years of talks.[9]
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.[26] Ocean Park was something of a run-down dump before Disney came to town. The first thing Zeman did to the local amusement park was give his baby a new coat of paint. Then he set to work, hiring a management team with years of U.S. theme park experience. He created new rides and attractions, adding four live pandas, a maze-like jellyfish aquarium, and other real-life animal attractions -- developing a park akin to Sea World and Six Flags combined.[17]
Speculation about a Disney theme park in Shanghai has been circulating for years.[28] The post adds that foreigners are too broke to visit, and Chinese can'''t afford it. In response to the question, '''What do you think a Disney theme park would bring to Shanghai?''' about 40% said more weekend fun, 30% said they would go if it weren'''t too expensive and almost 20% said they wouldn'''t attend because there are too many things to do already in Shanghai.[23] The project would "include a Magic Kingdom-style theme park with characteristics tailored to the Shanghai region and other amenities consistent with Disney's destination resorts worldwide," Disney said.[39] Disney is banking on a revenue boost from the Shanghai facility as profits at the California-based company's theme parks tumbled 19 per cent in the third quarter, with sales at the unit declining 9 per cent.[3]
"We haven't received any formal notice from the district government on the Disney theme park issue, but we've been gathering information of more than 4,000 residents in the village in recent weeks," the source said. The government will probably start evaluating residents' houses as early as this December for the Disney project, a villager surnamed Xu said.[28] The villagers will be relocated to make way for a project rumored to be a Disney theme park.[28]
After 10 years of negotiations surrounding the likelihood of a Disney theme park in China, The Magic Kingdom has finally been given the permission to set up shop in the country.[32] The announcement follows 10 years of seesawing negotiations between the Shanghai authorities and Disney which showed the difficulties which foreign media companies face when trying to gain a foothold in the country in order to reach 1.3 billion Chinese. Such entertainment ventures have become particularly attractive thanks to rising incomes in China as wealthier families search for new ways to pamper their kids, most of them born under China'''s policy of '''one couple, one child'''.[32] Gaining Shanghai A shares outnumbered losers by 557 to 311 as turnover remained active at 164 billion yuan ($24 billion), although that was down from Tuesday's 170 billion yuan. In the latest evidence of China's recovering economy, the World Bank on Wednesday raised its forecasts for Chinese growth this year and projected a slightly faster pace of expansion in 2010, but it said Beijing did not need to embark on major policy tightening at this stage.[40] Property shares were weak, with China Vanke ( 000002.SZ ) sinking 1.51 percent to 11.76 yuan. The official Shanghai Securities News reported that some Chinese banks have tightened their residential mortgage lending on expectations that Beijing may raise rates.[20]
SHANGHAI, Nov 4 (Reuters) - China's key stock index rose 0.46 percent to end at a nearly three-month closing high on Wednesday, led by metal shares, continuing a rally this week fuelled by optimism over the economic recovery and sharply improving corporate earnings prospects. The Shanghai Composite Index.SSEC finished at 3,128.537 points, its highest close since Aug. 13, having risen more than 4 percent so far this week.[40] BEIJING, Nov. 4 (Xinhua) -- Chinese shares opened slightly higher on Wednesday, with the benchmark Shanghai Composite Index up 0.16 percent to open at 3,119.31 points.[41] Chinese equities rose on Wednesday for the fourth consecutive trading day, with the benchmark Shanghai Composite Index up 14.31 points, or 0.46 percent, to close at 3,128.54.[42]
Bucking the trend, fashion retailer Trinity ( 0891.HK ) fell 4.47 percent on profit taking. The stock soared 49 percent on its trading debut on Tuesday. SHANGHAI GAINS The Shanghai Composite Index.SSEC finished at 3,128.537 points, its highest close since Aug. 13, having risen 4.4 percent so far this week.[21]
The Shenzhen Composite Index for China's smaller second exchange added 0.7 percent to 1,112.35. Investors were heartened after the World Bank raised its forecast for Chinese economy from 7.2 percent to 8.4 percent, reflecting the country's massive stimulus spending. "This is certainly a boost on the market, together with the economic data released earlier," said Mao Sheng, an analyst for Huaxi Securities in the western city of Chengdu.[33] The China Enterprise Index.HSCE of top locally listed mainland Chinese stocks rose 2.64 percent to 12,830.15.[21] China's key stock index rose 0.46 percent, continuing a rally fuelled by optimism over economic recovery and a rosy outlook for corporate earnings.[21]
Gold counters rise on higher gold prices (Updates to close) By Jun Ebias and Claire Zhang HONG KONG/SHANGHAI, Nov 4 (Reuters) - Hong Kong stocks closed up 1.76 percent in an anaemic session on Wednesday, as investors snapped yo banks and gold counters, while Shanghai closed close to a three-month high, led by metals shares. [21] Gold counters rise on higher gold prices (Updates to midday) By Jun Ebias and Claire Zhang HONG KONG/SHANGHAI, Nov 4 (Reuters) - Hong Kong shares on Wednesday rebounded from a two-day fall as investors hunted for bargains, while Chinese stocks rose to their nearly three-month intraday high, led by metals shares.[20]
Trading volume on the Shanghai and Shenzhen Stock Exchanges came to RMB 14.54 billion and RMB 93.03 million respectively. Nonferrous metals stocks posted the days' strongest gains, with electronics and IT shares close behind after a speech by Chinese Premier Wen Jiabao in which he called for greater development of the economy and technology industries, to combat the effects of the financial crisis, Sina reported.[43]
Speculation over progress on the Disney park has become a frequent theme for stock market players. Han's comments over the weekend prompted rallies in shares in local property companies and others likely to benefit from its construction.[2]
Disney had the approval from Shanghai's local government to develop the park, but needed consent from Beijing.[22] '''As a Shanghai native, I firmly oppose the building of the Disney park in my hometown,''' says one post on eastday.com, a news portal run by the Shanghai government.[23] The Burbank-based entertainment giant has been in on-again, off-again discussions about the park since 1995, when the Shanghai government initially contacted the company about building a Disney World-like tourist mecca.[5]
The new Shanghai park would give Disney access to 300 million people who live within a day's travel of the city, a sprawling, affluent and modern metropolis of more than 16 million people. Perhaps more important, however, it would secure a beachhead for Disney to sell its products and wield its brand in a market that has tightly controlled the inflow of American entertainment through restrictions on the number of movies allowed in mainland theaters and programs beamed through television channels.[5] The announcement of the Shanghai Disneyland comes after long-time talks between the city and Disney, which announced plans to set up a mainland park in early 2000s.[13]
Disney hopes to open Shanghai Disneyland by 2014, at a reported cost of about $3.6bn (£2.17bn). The announcement comes two weeks before U.S. President Barack Obama makes his first official visit to China.[35] The Shanghai municipal government and the Walt Disney Co. reached an agreement on building China's first Disneyland, Shanghai Mayor Han Zheng had said in January.[18] Officials with the foreign investment department in the district government said several big state-owned firms in Shanghai would form a joint venture with the Walt Disney Co. to invest in the project.[16]
At 1,700 acres, the planned park, in the city's Pudong district, will be slightly bigger than Original Flavor Disneyland but resemble the Magic Kingdom of Walt Disney World.[29] The initial resort, with a mix of shopping areas, hotels and a Magic Kingdom-style theme park, will sprawl across 1,000 acres of the city'''s Pudong district ''' with the theme park occupying about 100 of those acres. It would be a little bigger than Disneyland in Anaheim, Calif., and on par with the parks in Paris and Tokyo.[44] Earlier media reports said the $3.5 billion theme park will cover an area of 10 sq km, to be located at the east bank of Huangpu River, bordering Pudong district's Chuansha town.[28]
While no figure was given in the statement, officials in Pudong have said investment in the theme park could reach tens of billions of yuan. Other reports have said $3.5 billion (Dh12.86bln).[3]
The new park planned for the Pudong new district of China's financial capital will take years to contribute to a company that rakes in more than $30 billion in annual revenue.[7] Analysts see the move as an important step forward for Disney and other Western media firms to make inroads into the vast and untapped Chinese media and entertainment market. "They've been laying the groundwork for a park for many years by exposing the population to Disney properties, film, TV and merchandising and adding a physical presence in the form of a park would really complete and add to the value chain in China," said Christopher Marangi, senior analyst with Gabelli and Co in New York.[7] In Beijing earlier today, Communist Party officials finally ended years of speculation by approving Disney'''s long-awaited first amusement park to be built in mainland China.[32]
I've been to Disney Tokyo and I would go to Shanghai.' Neilson isn't alone in wanting to see other Disney parks, guests are buzzing about the possibilities of a new Disney Park hankering to get the opportunity to visit even if it is a few years off.[34] The final details for the new Disneyland have not yet been announced. Disney hopes to open its Shanghai park by 2014. This story was brought to you by holiday lettings.co.uk, the UK's No.1 for holiday homes worldwide.[22] According to the New York Times, the park has been in the works since the 1990s when a mayor of Shanghai visited Disneyland in Anaheim and could take up to 6 years to build.[29] The New York Times calls the agreement to build Shanghai Disneyland a landmark deal with big cultural and economic implications.[26] While everyone is cautiously optimistic about the plans for the new Shanghai Disneyland park, there is one last step for the deal to be complete, a final agreement needs to be drawn up and signed. This should be accomplished in the next few weeks.[34]
Disney would take a 43% equity stake in Shanghai Disneyland, while a joint-venture holding company owned by the local government would own the remaining 57%.[5] Shanghai, Nov 4 (IANS) The Shanghai Disneyland project has been approved by the Chinese central government, authorities said Wednesday.[18] The Shanghai municipal government announced on Wednesday that the Shanghai Disneyland project has been approved by authorities in late October.[15]
SHANGHAI'S market closed higher today with the announcement of the Shanghai Disneyland project lifting local firms amid expectation the project will attract more visitors to boost the city's service industry.[25] "Disney is an empire in the culture industry and is super strong in innovation," said Huang Renwei, an economist and vice president of the Shanghai Academy of Social Sciences. "It may bring challenges to Shanghai's nascent innovation industry and make it difficult to survive for some small innovation firms in such fields as designing and advertising." Huang also said that Disneyland will demand Shanghai to raise its capabilities to receive visitors and improve services quality. "It will be like a never-ending Expo," he said.[13]
Disney announced the approval in a carefully worded statement Tuesday afternoon. Government-controlled China National Radio speculated that the timing of the announcement, coming in advance of President Obama's visit to Shanghai this month, amounted to a "gift."[5] The approval follows a decade of on-again, off-again negotiations between Disney and the Shanghai authorities that highlighted the difficulties faced by foreign media companies eager to gain a foothold to reach China's 1.3 billion people.[12]
China has approved a plan for Disney (NYSE:DIS) to build a theme part in Shanghai.''[38] Today, Disney's long association with China continues through offices in Beijing, Shanghai and Guangzhou with over 600 employees.[4]
The Shanghai park, expected to be built on land whose farmers were moved out years ago, would be Disney's sixth.[12] Tianya quoted one person saying, '''Is there anything wrong with the Disney Park resolving the employment problem for thousands of people in Shanghai?''' ( in Chinese ).[23]
In 1955, the first Disneyland park opened in Los Angeles, California. It was the world's first modern theme park, combining Disney cartoon characters with games and rides.[30] "Disney was a big brand, not really understanding the culture at the beginning. They had everything run out of the U.S. At the beginning there was a sense of arrogance: 'We're Disney, and don't tell us how to run a theme park.'"[17] No budget or schedule for the theme park construction has been revealed. When speculations of an agreement spread this week, the U.S. entertainment giant was said to be investing $US3.6 billion for a 10-square-kilometre theme park.[32] No cost for the project or schedule for construction were revealed. When rumours of a deal spread swiftly this week, some reports said the U.S. entertainment giant would invest $US3.6 billion (£2.17 billion) in a 10-square-kilometre (four-square-mile) park.[12]
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.[26]
Hong Kong Disneyland Resort Managing Director Andrew Kam said the announcement marked "another significant step for Disney" in China, an important and dynamic market. [15] Talks ebbed and flowed, with discussions resuming in earnest about two years ago, according to people familiar with the matter who asked not to be identified because of the sensitivity of negotiations. In the meantime, Disney turned its attention to Hong Kong, where it built the 320-acre Disneyland resort that opened in 2005.[5]
Kam Min-ho, CEO of Hong Kong Disneyland, said, "Hong Kong's target areas are southern China and southeast Asian countries.[14] Paul Tang, chief economist of Bank of East Asia, said: "Visitors from Guangdong and southern China will find Hong Kong more convenient, while Shanghai will attract visitors from northern and eastern China."[12] The only concern is that Shanghai's Disneyland may affect Hong Kong's tourism industry.[14] Hong Kong Disneyland also earned the wrath of the Hong Kong press corps by taking a long time to respond to queries with answers that had to be approved through U.S. headquarters, while Zeman was available and responsive.[17] Democratic Party vice-chairwoman, Emily Lau, told the RTHK broadcaster the news was a "devastating blow" to Hong Kong Disneyland.[35]
The newest Magic Kingdom could draw away visitors from Hong Kong, many of whose customers are mainland Chinese on visits to the territory.[12] In Hong Kong, the Golden Mickey Show is performed in three languages -- Cantonese, the language of Hong Kong, Mandarin, which is spoken on the mainland, and English.[5]
In Hong Kong, the benchmark Hang Seng Index.HSI was up 1.63 percent, or 346.67 points, at 21,586.73 at midday.[20] Below is a fairly simple comparison between Intel and Hong Kong's Hang Seng Index.[45]
Plus, Disney was small, having located itself on a small plot of land on an outlying island off the main island of Hong Kong. "People thought, 'I'm going to Disney,' and when they got there, they got mini-Disney," says Zeman.[17] We can see that our country's economic development has created a very big market. It can easily accomodate two Disneylands," Hong Kong's Secretary for Commerce and Economic Development Rita Lau told reporters Wednesday.[2] HONG KONG (Dow Jones)--Hong Kong shares ended higher Wednesday after a two-day decline because of bargain hunting in financial companies and gains in resource firms on record-high gold prices.[46]
SHANGHAI (Dow Jones)--China shares ended higher for the fourth consecutive session Wednesday, as strong demand for banks and nonferrous metal producers outweighed weakness in the real estate sector. The benchmark Shanghai Composite Index, which tracks both A and B shares, ended up 0.5% at 3128.54, after dipping as low as 3096.35 early in the session.[47] The benchmark Shanghai Composite Index edged up 0.46 percent, or 14.31 points, to close at 3,128.54 points.[25]
Turnover for the Shanghai Composite Index fell to CNY167.0 billion ($24.5 billion) from CNY173.5 billion Tuesday.[47] SHANGHAI UP The Shanghai Composite Index.SSEC ended at 3,132.934 points, as optimism over the outlook for economic recovery has encouraged buying.[20]
The key central government approval must still be followed by more detailed talks between Disney and Shanghai. [7] The central government approval of the Magic Kingdom-style park, in the Pudong district, comes after years of talks.[35]
Some residents were long ago moved off farmland in Chuansha, a part of Pudong district near the city's main international airport, to make way for the theme park.[2] The first phase, to be built on about one square mile in what is now a mostly agricultural area between an airport and the Pudong business district, would include a theme park, hotel and shopping district.[5]
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.[26]
Disney's other theme parks are located in Anaheim, Calif., close to Orlando, Fla., in the suburbs of Paris and in Urayasu, Japan, near Tokyo.[8] Pandas are one example of how Ocean Park tailors its theme park to Chinese visitors.[17]
In the 2007-2008 fiscal year, for the fifth year in a row, Ocean Park tallied more than 5 million visitors -- half a million more than Disney.[17] In 1971, the new park opened to the public after five years of construction, costing a staggering 760 million U.S. dollars. Disney decided that two parks would be enough for the American market and focused its expansion on Europe and Asia.[30]
Half way around the world, in Anaheim California, at the original Disneyland Resort, guests on Tuesday night were delighted to hear about the news of a new park being added to the Disney Resorts already in operation. 'Everyone should be excited about this.' said Christina Neilson. 'There were rumors at D23 this was the next Disney Resort and well, I am glad to see this happen.[34]
A Wednesday statement from Beijing said that the two sides will are committed to a "long-term cooperation to build a world-class Disney Park in Pudong."[31] The agreement means Disney and its Shanghai partners can proceed toward a final agreement and start preliminary development work in the Pudong district, according to Disney.[39] The first phase of the project will be located south of Huanglou region, a 10-minute drive from Shanghai Pudong International Airport. The second and third phases will expand towards the southwest, according to Shanghai Securities News, citing an unidentified expert in urban development research in Shanghai.[28] The project is expected to be built by 2014 and will be situated on the east bank of Shanghai's Huangpu River, bordering Chuansha town in the 1,210 square kilometre Pudong New Area. Much of this part of Shanghai has been transformed from marsh and farmland into a gleaming new metropolis, and the location puts it a short drive from Shanghai's new international airport in Pudong.[3] The plan includes resettlement of a 4-million-sq-m area in Shanghai's Pudong New Area covering the villages of Zhaohang, Jinjia and Qigan in Chuansha town, said an official at Zhaohang Village Committee, who declined to reveal his name.[28]
The official Xinhua news agency quoted Shanghai officials as saying large state-owned firms would form a joint investment venture with Disney.[35]
Disney said the announcement would allow it to sit down with the Shanghai government to hammer out a final agreement on the project.[35] Disney executives must now sit down with the Shanghai government to finalise the project.[9]
Disney can now sit down with the Shanghai government and intense negotiations can proceed to try to reach a final agreement. It won't be far off.[35]
Walt Disney Co ( DIS.N ) also said it had received approval from the Chinese government for the project.[27] The American entertainment company''has been trying to get a go ahead to build the $4 billion project for several years. The Chinese government gave no reason for the timing of its announcement.[38]
It'''s a huge waste of land resources as well,''' EPO67 writes (in Chinese ). As rumors swirled this week about the Disney-Shanghai deal, some of the criticism had made it into mainstream media. '''A lot of netizens think that time is ripe for China to build its own cultural aircraft carrier rather than spend a huge amount of money to bring an American Mickey Mouse version to China,''' said Economic Information Daily, a newspaper published by the Xinhua News Agency. Another predicted, '''Shanghai Disneyland is likely to become a 'chicken rib'.[23] News reports in the past several years about Disneyland in Shanghai have already stoked local people's enthusiasm.[13] "For Shanghai, the Disneyland coming here has a good effect. The reputation of the city will arise, so? we really hope it will come," he said. Others though, including business owners who rent and therefore stand to loose their businesses while the landlords profit, were not so welcoming. Li Nianhua, who has worked hard to build a small convenience store, says she has a lot to lose from this investment. "We've been running this shop here for over ten years.[10]
The Shanghai city government confirmed the approval by China's National Development and Reform Commission.[8] Not everyone is welcoming the jamboree. On Chinese-language blogs, Shanghai residents worry about their taxes (in the country'''s most expensive city), throngs of visitors on top of the city's 20 million residents, cultural invasion just when China is standing up, plus the government'''s priorities in a developing nation.[23]
Last weekend, Shanghai's mayor, Han Zheng, told reporters the central government had issued the required approval and that the city would be making an announcement soon.[2] The approval from central government was believed to be the biggest hurdle for Disney.[22] With central government approval, final details for the park can now be hammered out.[12]
The Shanghai park would similarly reflect mainland sensibilities, people familiar with the plans said. [5] The Shanghai park is envisioned as a classic Magic Kingdom model, with a castle at the center, but with Chinese accents.[5]
Associated Press Mickey and Minnie are coming to Shanghai. That'''s the early reaction from a surprising number of netizens, or Chinese Internet users, to confirmation early Wednesday that plans for Shanghai Disneyland have the green light to proceed.[23] Fans at Disneyland last night were excited about the announcement of the Chinese Government last night on November 4th in Shanghai and a day earlier in Anaheim.[34]
A young Chinese girl displays Disney products in Shanghai's town of Chuansha on March 7, 2008.[39] Disney will own about 40 percent of the development, with a holding company of Chinese companies owning the other 60 percent.[26] The deal is a very significant landmark for the Chinese as well as Disney, which has been working on the project since a decade.[24]
While the final details are still being worked on, the first stage of the project will be a Magic Kingdom-style park in China's biggest city. [9] The announcement comes less than 14 days prior to U.S. President Barack Obama'''s first official visit to China, which is scheduled to begin on November 15 in Shanghai.[32] The multi-billion dollar project is expected to benefit industries, including property development, hotels, transport and entertainment, said Hou Zhigang, an associate professor with the Fudan University, Shanghai. Other Similar Posts: Shanghai males want babies more than women Shanghai (China), Oct.24 (ANI): In Shanghai, men are more willing than women to have a baby, a recent survey has revealed.[18] "The first-phase of the project will be in the South of Huanglou Area, an area in Chuansha Town, the southeast suburbs of Shanghai's Pudong area; and the second phase will be extended further southwest," said an unnamed urban development expert from Shanghai.[24] Shanghai Jinling Co Ltd jumped 3.54 percent to 9.37 yuan amid expectation the project will boost service and entertainment facility providers in the area.[25] Shanghai Belling Corp surged 7.25 percent to 7.40 yuan. Other property shares retreated from earlier gains as some investors took profit.[25] Gaining Shanghai A shares outnumbered losers by 557 to 311 as turnover remained active at 164 billion yuan ($24 billion), although lower than Tuesday's 170 billion yuan.[21] SINGAPORE (Dow Jones)--Most Asian markets ended down after a choppy session Tuesday, though shares in Shanghai rose for the third consecutive session, helped by a report that the country's Big Four banks increased new yuan loans last month.[48]
Aluminum shares soared, with Aluminum Corp of China ( 601600.SS ) advancing 5.59 percent to 14.93 yuan.[20] Oil producer PetroChina ( 0857.HK ) was up 3.33 percent. Credit Suisse raised its rating on the stock to "neutral" with a target price of HK$10.10 a share, as PetroChina is seen to benefit before other oil firms from gas price reform in China.[20]
China shares hit 7-week high on recovery outlook Associated Press Chinese shares rose for a fourth day Wednesday, hitting a seven-week high on optimism about the economy's recovery.[33]
China's economy would have to slow considerably to hurt the Disney plans, unless economic expansion is not the only issue.[38] Zeman's tips include offering local dishes over Americanized food, adding zoo-like animal exhibits to the cartoon animals on display and becoming more responsive to the press. By announcing the park plans while still in their infancy, Disney may have taken strides towards the latter, but we'll wait by the phone just in case.[29] Details that need to be finalized include ownership structure and local partners for the park, a source close to Disney told Reuters on condition of anonymity as talks were still ongoing.[7] As with Disney's other international parks, it will give a nod to local tastes and cultures.[5]
Disney's, obviously, did not. "Whether it's the food, the public relations, the media, it's important that they really learn from some of the mistakes they made here," says Zeman. "They need to stay American, but with a few Chinese characteristics. They have to become more of a local experience, not unlike McDonald's or Pizza Hut, where they have this product, but they localize it with different flavors and toppings."[17]
About 80 million people live within driving distance to Disney's proposed Shanghai site.[17] The company says the park will have "characteristics tailored to the Shanghai region". It will reportedly be about 10 sq km (four sq miles) in size.[35] The park will be a major showcase for Shanghai, the mainland's main financial and commercial center.[10]
BEIJING // A smiling cartoon mouse with large black ears is coming to China and hopes to transform Shanghai with the biggest Disneyland in the world.[3] Shanghai remains China's largest city, making the deal have strong potential to be exceedingly lucrative.[19] Shanghai's city government released a short statement confirming the approval.[19] We know the Shanghai municipal government had planned a press conference to break the news, but later canceled it.[49]
Shanghai Lujiazui Finance & Trade Zone Development Co fell 1.92 percent to 29.17 yuan.[25] Shanghai Lujiazui Finance & Trade Zone fell 1.9 percent to 29.17 yuan, while developer Shanghai Fenghwa Group Co. rose 2.6 percent to 10.46 yuan.[33]
In Shanghai, Shandong Gold ( 600547.SS ) was up 2.11 percent at 69.79 yuan, while Zijin Mining ( 601899.SS ) rose 1.5 percent to 9.49 yuan.[21]
Shandong Gold (600547.SS: Quote, Profile, Research ) outperformed the market, ending up 2.11 percent at 69.79 yuan, after gold prices XAU= hit a record $1,088 per ounce following news that India's central bank bought 200 tonnes of the metal from the International Monetary Fund.[40] Jiangxi Copper Ltd., the country's biggest metal producer, added 1.5 percent to 40.30 yuan, while Aluminum Corp. of China surged 4 percent to 14.71 yuan.[33] China Unicom ( 0762.HK ) rose 2.55 percent after reporting that it signed up more than 1 million 3G subscribers.[21] The opposite may be true in China where millions of jobs created in the manufacturing sector have built a new middle class of consumers.[38]
Secretary for Commerce and Economic Development Rita Lau insisted China could accommodate two parks.[35] Propelled by a faster-than-expected economic recovery, China's nearly 1,700 listed companies posted a surprising 26-percent year-on-year jump in third-quarter earnings in the latest earnings season, which ended over the weekend. The World Bank on Wednesday raised its growth forecast for China this year and projected a faster rise in 2010, but said Beijing did not need to embark on major policy tightening at this stage. "The market has nearly established a medium-term uptrend," said a manager at a mutual fund in Shenzhen, who could not be quoted by name as he was not authorised to talk to the media.[21] China's GDP has been driven by exports. The U.S., where most consumer-focused firms have made their profits over the years, has counted on those consumers to be the engine of its economic expansion.[38]
Kevin Klombies is a prolific writer and market analyst. After graduating in 1980 from the University of Saskatchewan with a Bachelor of Commerce degree (Honours) in Finance/Economics, he was a broker for about 16 years for Wood Gundy Inc. /CIBC Wood Gundy (changed name around 1990) Private Client Division. While at Wood Gundy, he began to create the intermarket work that would later become the IMRA newsletter. He recalls starting with a DOS version of Metastock that he used to print out charts, drawing lines on them with a pen and ruler and taping them together upside down (at times). The first market review that he put together was in 1988 and was based on annual percentage changes in U.S. M1 versus the equity markets. It ended up going from desk to desk right to the Bank of Canada, which said there was, in fact, no relationship between money supply growth and the equity markets ("which probably explains why I have so little respect for central banks," he says). Klombies says his broker career was uninspiring, mainly because he spent way too many hours running charts and too little time prospecting for business. He found that what he liked best was analyzing the markets and what he liked least was selling, marketing, and client service. He eventually left the business and continued to work on the analysis while doing some trading and consulting. He has been featured on a number of web sites, interviewed by Reuters TV in London and marketed by Agora Inc. (Daily Reckoning, etc.), but the majority of what he does is done privately and quietly.[45]
The project, which is estimated to cost about US$3.5 billion, is expected to be operational in five or six years in the Pudong District.[25] Costs for the project will exceed $3.6 billion and will include the traditional Magic Kingdom and other Disney attractions.[36]
At the site where the Walt Disney Corporation plans to build the resort is a field just waiting for a little Pixie dust and some bulldozers. [34] Perhaps the company is giving up on Dubai and the concept of mixing superheroes with princesses, mice and whatever Goofy is. Or they know something we don't, which is why as Walt Disney predicted we all live in geodesic domes nowadays.[29]
The two theme parks will aim to draw people from different sectors of society. [14] In recent years, Disneyland parks have not been profitable, despite heavy investment.[30] Considering that Mickey Mouse is already 80 years old, Shanghai has to come up with a fresh way to create another Disneyland fever in five years.[30] Despite the opportunities that Disneyland could bring to Shanghai, experts cautioned that the initiative could post challenges to fledgling players in the local entertainment and culture industries.[13]
A writer calling himself EPO67 on tianya.cn draws attention to Shanghai'''s race track, which, after it opened in 2004, became central to the downfall of top officials in the city during a massive corruption scandal.[23] Shanghai is currently undergoing a heavy series of construction projects in preparation for next year's World Expo, which opens in May.[19] BEIJING/SHANGHAI, Nov 4 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Wednesday. Reuters has not checked the stories and does not vouch for their accuracy.[50] Beijing's approval clears the way for the Burbank media giant and Shanghai to work out the details.[5]
An official involved in the project talks said the park's planned area was estimated at 7 square km. [16] The park will be sited on reclaimed paddy fields in the eastern district of Pudong.[36]
"I may not go if the price is set as high as Hong Kong's," said Eric Chen, a 26-old-year doctor. [13] Our colleague in the city, Chen Tingjie, has toured the construction site. He will share with us what he learned from the local people. This is really breaking news.[49]
SOURCES
1. AFP: China agrees Disney theme park in Shanghai: Disney
2. The Associated Press: Disney says China approved Shanghai theme park
3. Disney to open Shanghai park - The National Newspaper
4. Disney confirms Shanghai theme park project approved by China gov't_English_Xinhua
5. China OKs Disney theme park plans -- latimes.com
6. Shanghai Disney Project Includes Hotels, Shopping - WSJ.com
7. Disney wins China nod for Shanghai theme park | Entertainment | Industry | Reuters
8. CBC News - Art & Design - Disney's Shanghai theme park plans OK'd
9. Daily Express | UK News :: Disney theme park set for China
10. Disney to build theme park in China | abcactionnews.com
11. Walt Disney Co. (DIS) soars towards a bullish trend ahead | Benzinga.com
12. China approves Disney theme park after decade of negotiations - Times Online
13. Central government approves Shanghai Disney Park -- Shanghai Daily | '''''''''''' -- English Window to China New
14. Hong Kong Disneyland to meet challenge CCTV-International
15. HK, SH Disneylands can be complementary: official
16. BERNAMA - Shanghai Disneyland Project Gets Approval
17. Disney theme park for Shanghai greenlighted - Nov. 4, 2009
18. Shanghai Disneyland project approved
19. ToTheCenter - News: China Approves Disney Theme Park in Shanghai
20. HK, Shanghai shares rise; gold counters gain | Industries | Financial Services & Real Estate | Reuters
21. HK, China shares gain; gold, metal stocks up | Industries | Financial Services & Real Estate | Reuters
22. Shanghai Disneyland approved by China
23. Disney Plans Get a Cold Reception Online - Digits - WSJ
24. Disneys theme park in Shanghai gets govt. nod | The Money Times
25. Disneyland boosts market -- Shanghai Daily | '''''''''''' -- English Window to China New
26. Disney Delivering Chinese Park - Daily Brief - Portfolio.com
27. Shanghai govt says in detailed talks on Disney project | Industries | Technology, Media & Telecommunications | Reuters
28. Initial plans for Disney park set
29. Disneyland Shanghai Coming in 2015; Get Your 'Made In China' Mickey Ears Out! || Jaunted
30. Brief history of Disneyland CCTV-International
31. Disney Theme Park Approved for Construction in Shanghai (DIS) - Comtex SmarTrend Alert
32. » China Okays Disney Theme Park- Banmoco News
33. China shares hit 7-week high on recovery outlook - Boston.com
34. Anaheim Disneyland guests excited on news of approved Shanghai Disneyland plans for Walt Disney Corp
35. BBC NEWS | Asia-Pacific | Disneyland approved for Shanghai
36. Mainland China Gets Its First Disneyland - International News | News of the World | Middle East News | Europe News - FOXNews.com
37. Disney's world expands to Shanghai, GM hits the brakes on Opel sale - THE WEEK
38. Disney (DIS) Goes To China 24/7 Wall St.
39. Disney theme park set for Shanghai - CNN.com
40. China shares end up 0.5 pct on economy optimism | Quotes | Company News | Reuters
41. Chinese shares open slightly higher Wednesday_English_Xinhua
42. Chinese shares close higher on Wednesday
43. JLM Pacific Epoch - A-Shares Extend Rally, Metals, Tech Forge Ahead
44. China Approves Disney Theme Park in Shanghai - In Transit Blog - NYTimes.com
45. Inside Futures: Relevant trading-focused information authored by key players in the futures, options and forex industries
46. HK Shares End Higher On Chinese Banks, Resources Companies - WSJ.com
47. China Shares End Up For 4th Session; Banks, Metals Cos Strong - WSJ.com
48. Asian Shares End Mostly Lower; New Loans Report Boosts China - WSJ.com
49. CCTV interview: Future Disney park ignites Shanghai property sector CCTV-International
50. PRESS DIGEST - China - Nov 4 - Forbes.com
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