Globalization

Disney Signs Shanghai Deal

It’s a small world, after all. Walt Disney Co. signed an agreement with a Shanghai government company on Friday to build a $3.6 billion, 1.5-square-mile amusement park in the commercial capital of China. Shanghai and Disney have been in talks for 15 years over the park. "We can confirm the statement from the Shanghai government that we have taken another step forward in the approval process," Disney said in an e-mailed statement. The park is expected to open in 2014. It will be Disney’s fourth location outside the United States. In 2005 it opened a Disneyland in Hong Kong, but it was criticized for being too small.