Plans Submitted for Disney Shanghai

Disney has confirmed that it is submitting plans to the Shanghai government for a new joint-venture theme park, according to VARIETY.

"Discussions have been ongoing about the feasibility of a theme park project in China," according to the statement from Walt Disney Parks and Resorts. "We worked on a joint application report with the Shanghai government which will be submitted to the central government for review. No deal has been signed, no project has been approved."

A second park in China has been rumored for years, despite the low attendance at Disney's Hong Kong park. It is unknown how the Shanghai development affects the rumored expansion at Hong Kong Disneyland. Negotiations have been raging between the Hong Kong government and Disney on how the $645 million expansion is to be financed. The Hong Kong government owns a 57 percent stake in the park and is hesitant to invest more with the public criticism over the park's poor attendance.

The Shanghai park, along with hotel and retail, would be built over six years on a 371-acre site near Shanghai's Pudong International Airport and is estimated to cost approximately $3.59 billion.

Disney told the Hong Kong Legislative Council in December that "Hong Kong Disneyland Resort is the first priority of the Walt Disney Co.'s investment in Asia. Despite the economic uncertainty, we are very confident of the growth potential of the resort."