Disney To Expand China Resort
News: US-based Walt Disney Company signed an agreement with Chinese joint venture partner Shanghai Shendi Group to boost the expansion of Shanghai Disney Resort in China. The US-based firm will invest about CNY5bn (USD800m) to raise capacity at the theme park. The investment will be used primarily for additional attractions, entertainment and other offerings. Shanghai Shendi Group will hold 57% of the shares of the owner firms and Disney will hold the remaining 43%. Funding of the additional investment will be equivalent to ownership. 'The expansion underscores the tremendous opportunity we see in Shanghai and demonstrates our long-term commitment to and confidence in China,' said Thomas Staggs, chairman of Walt Disney Parks and Resorts (the Construction Index).