Walt Disney Co. said Monday it is joining hands with its China partner, Shanghai Shendi Group, to invest an additional US$800 million in the Shanghai Disney Resort, the Chinese edition of the Wall Street Journal reported, citing Disney chief executive Robert Iger as saying.
Iger said the new funds will be used to add new rides and entertainment facilities. The proposed opening of the resort in December 2015 will not be pushed back as a result of the new investment, nor will the size of the resort be affected, according to the newspaper.
The latest injection will raise the total investment in the resort to US$5.5 billion, with Disney owning 43 percent of the project and Shanghai Shendi Group taking the remaining 57 percent. The new US$800 million investment will come proportionately from both parties based on their percentage of ownership, the report said.
The 963-acre resort, which started construction in 2005, will feature a theme park, a 46,000-square-meter retail area, dining and entertainment, two hotels, a lake, recreational facilities, transit hubs and parking.
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