On Monday, Walt Disney Co. denied that it has signed an agreement to build a theme park in Shanghai. Over the weekend, media in Hong Kong and China said "Pudong Disneyland is a done deal".
"There is no agreement and there is no deal," CNN quotes Disney's Vice President of corporate communications
Alannah Hall-Smith.
As reported in March,
Walt Disney had reportedly agreed to build its first theme park in
mainland China in Shanghai's Pudong District.
A report by a Hong
Kong-based newspaper says that Disney and the Shanghai government have
reached an agreement that will create a joint venture with the Chinese
taking a majority stake in the park. Shanghai will provide the land and
finance the construction while Disney accept royalties and a non-disclosed percentage of the operational income.
The newspaper quoted officials as saying that the park will open "the earliest in 2012 in Pudong." No further comment has been made by either party.
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