The mayor of Shanghai has clarified the planned budget for the under-construction Shanghai Disneyland Resort, which will cost some $3.7 billion.
The figure, confirmed by Shanghai Daily, is consistent with earlier reports on the budget for constructing the resort's first theme park and hotels. However, it is not clear whether it includes the cost of additional infrastructure required ahead of Shanghai Disneyland's planned opening in 2015, such as a road and rail links.
As with its previous overseas resorts in Tokyo, Paris and Hong Kong, Disney has secured a local partner to help fund the Shanghai resort. It is set to be majority-owned by the Chinese government, which will take a 57% stake.
Speaking at the annual session of the National People's Congress on March 6, mayor Han Zheng said of the project: "I have read some media reports about the Disneyland investment, but they were incorrect. I thereby clarify the figure seriously. The approved investment for the first phase of the Disneyland project is 24.5 billion yuan ($3.7 billion)."
Shanghai Disneyland will initially occupy 286 acres of land, making it 24 acres smaller than the region's other resort, Hong Kong Disneyland. Officials have confirmed that a new Metro line will be constructed to transport guests to the resort, at a cost of over over $600 million.
Construction on Shanghai Disneyland is set to begin in May, with the new resort due to open to the public in 2015. Work has already begun to build some elements of the resort, including access roads and a central lake that will cost some $41.5 million. The entire resort is set to be surrounded by a 60-metre-wide river, which will be around 10 kilometers in length.
The resort will be Disney's fourth outside of the US, after Disneyland Paris, Tokyo Disneyland and Hong Kong Disneyland. The Shanghai Disneyland park is expected to attract 7.3 million visitors a year.
You can find out more about Disney's next resort in our special feature: Shanghai Disneyland: What are the facts and rumors on Disney's latest resort?