Disney Co. and the Shanghai government have reached a final agreement to build a theme park in the city, according to the Shanghai government's official website which cites the Shanghai International Tourism Resort Management Committee.
Disney has been working on the agreement for the theme park since November 2009. Relevant approval was already received a year ago, and the final agreement will put construction into action.
The project, which will happen in the Pudong District, will be "a Magic Kingdom-style theme park with characteristics tailored to the Shanghai region and other amenities consistent with Disney's destination resorts worldwide," according to DisneyParks Blog.
The Shanghai government said that a 4942 acres (20 km²) tourist resort will form the core of the upcoming Disney Park.
Disney first screened its animation in China in the 1930s, and is already operating a theme park in Hong Kong.