Mickey Mouse and his friends could be welcoming visitors to the city's own Disneyland as early as 2012, a Hong Kong newspaper reported over the weekend.
The theme park, with an estimated cost of 40 billion yuan ($5.8 billion), will be located on the east bank of Shanghai's
Huangpu River, bordering Pudong district's Chuansha town and Nanhui district, Wen Wei Po quoted an unnamed source close to the Shanghai government as saying.
Shanghai Disneyland, 20 minutes' drive from Pudong International Airport, will be eight times larger than the one in Hong Kong - the first in China.
The source told the paper that 10 sq km of land has been set aside for the park.
The agreement on the location of the park was made after 10 years of tough negotiations, with Beijing and Tianjin also vying to host the park.
The Shanghai government had wanted the theme park to be built on Chongming Island, an area that has failed to keep pace with the city's rapid economic development.
The cost, excluding the land, was first set at around 30 billion yuan ($4.4 billion) but increased to 40 billion yuan ($5.8 billion) due to inflation.
The source said an official announcement on the decision will be made around the time of the Beijing Olympics.
According to the agreement, Shanghai Disneyland will not adopt Hong Kong's operation model, in which the government leases the land to the Walt Disney Company.
The Shanghai government will provide the land, cover most of the construction costs and hold a controlling stake. It will pay the Walt Disney Company for using the brand.
Now Shanghai Disneyland is On its Way While Hong Kong Disneyland is Under an Extension Work
Property around the planned site of the Shanghai Disneyland theme park saw a drastic increase in price shortly after the
The news was met with joy by many local residents that own land in the area.
"The price of property will rise. Because there will be a Disneyland theme park and a very convenient transportation system."
The proposed theme park will be the world's sixth Disneyland and the third in Asia. The planned complex in Shanghai is estimated to cover 7 square km, much more than the Disneyland in Hong Kong.
The planned project is to include a Magic Kingdom-style theme park tailored to the Shanghai region, along with other amenities consistent with other Disney parks.
Zhu Lianqing, a researcher from the Shanghai Academy of Social Sciences says the Disneyland Project will bring huge benefits to the area.
"I think it is a comprehensive Project, which will boost economic development in Shanghai and benefit many sectors, including real estate, tourism, retail, and the animation industry."
However, some Hong Kong business people worry the number of tourists from the mainland may fall if Disneyland visitors are drawn to the Shanghai park instead.
But Rita Lau, secretary for Hong Kong's Commerce and Economic Development says that the planned Shanghai Disneyland theme park and the existing Hong Kong Disneyland will complement each other.
"There are 1.3 billion people in our country. China's economy is growing quickly and the Chinese market, with its huge potential, will be big enough to sustain two Disneylands. Both of the parks can help the development of the tourism industry and even cooperate in the future to expand the Chinese market."
Due to limited space, the Hong Kong Disneyland has been in deficit since it is opened.
CEO of the resort Andrew Cam says Hong Kong is planning to expand the theme park under the support of The Walt Disney Co with the simple goal of increasing the number of the visitors.
"We will invest around 800 million US dollars this time, half of which will be used to make the new entertainment projects with the hope the number of tourists can increase by 30%-40%."
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