The Walt Disney Company announced on Wednesday that China has approved plans for a theme park in Shanghai, the New York Times reported.
Shanghai's city government released a short statement confirming the approval. Shanghai remains China's largest city, making the deal have strong potential to be exceedingly lucrative.
Disney's theme park in Hong Kong has recently suffered from declines in attendance, leading to some speculation as to the viability of a Shanghai park, but the local citizens remain supportive of the venture for the economic benefits it should, theoretically, bring to the local level.
Shanghai is currently undergoing a heavy series of construction projects in preparation for next year's World Expo, which opens in May.
