A Disney theme park planned in Shanghai received a $2 billion loan which will cover the development of a nearby tourism zone.
The Shanghai theme park, which is estimated to cost 24.5 billion yuan ($3.9 billion) will feature hotels and additional facilities worth an additional 4.5 billion yuan ($713 million).
The project is jointly owned by media company Walt Disney and the Shendi Group, an organization backed by the Chinese government. Shendi controls 57 percent of the project and Walt Disney the rest.
Disney first announced its long-awaited theme park in China’s commercial hub of Shanghai in April 2011. The park will be the company’s third in Asia, after Tokyo and Hong Kong. The first phase of the park could be inaugurated in 2015.
On the other hand, Disney announced it entered a project with the state-backed China Animation Group to develop animation content for the Chinese and other markets.