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(BURBANK, CA) -- In a prepared released this past week, The Walt Disney Company (NYSE:DIS) announced that they just received approval from the relevant authorities of the central government of China for a Disney theme park in the Pudong district of Shanghai China.

Pudong District - Shanghai

Disney CEO Bob Iger further commented in the prepared statement, "China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company in mainland China."

Disney further stated that this approval will enable Disney and its Shanghai partners to move forward toward a final agreement to build and operate the park and begin preliminary development work. Upon completion of the final agreement, the project's initial phase would include a Magic Kingdom-style theme park with characteristics tailored to the Shanghai region and other amenities consistent with Disney's destination resorts worldwide.

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