The government-owned partner in Disney's ambitious Shanghai Disneyland project has secured a loan agreement with twelve Chinese banks, in order to fund construction of the resort.
Shanghai Shendi Group Co. has agreed to borrow an undisclosed amount to help cover the $4.4 billion cost of building the first phase of Shanghai Disneyland. A ground-breaking ceremony has already been held for the resort, which is set to combine features of existing Disney theme parks with new elements designed to reflect Chinese culture.
The twelve banks involved are China Development Bank Corp., Shanghai Pudong Development Bank Co., Bank of Communications Co., Industrial, Commercial Bank of China Ltd., Agricultural Bank of China Ltd., China Construction Bank Corp., Bank of China Ltd., Export-Import Bank of China, Bank of Shanghai Co., China Citic Bank Corp. , Hua Xia Bank Co. and Shanghai Rural Commercial Bank Co., according to MarketWatch.
In addition to the Shanghai Disneyland theme park, the resort will also feature two themed hotels, a retail district and a huge central lake. The theme park itself will feature a unique design, becoming the first "Magic Kingdom-style" Disney park not to feature a Main Street, USA at its entrance. Instead, it looks set to feature an 11-acre entry area featuring water elements, trees and costumed characters.
Outside of the theme park, the resort's shopping, dining and entertainment district will stretch along the lagoon's shore. The resort will feature two hotels - one deluxe hotel and one value hotel - with a total of 1,220 rooms.
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. 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.