Land approved for Shanghai Disney will be transferred over to the project in July, with 97 percent of residents already relocated, said local authorities Wednesday.

Shanghai Disney's first phase project, including a theme park and supporting facilities, will span four square km with the theme park covering one square km, said Jiang Liang, head of Pudong New District where Shanghai Disney will be sited.

The project would take five to six years to finish, Huang said.

Over 2,000 households and 297 companies have to be relocated to make way for the first phase of construction.

"The planed investment is 25 billion yuan (3.66 billion U.S. dollars), but the project is expected to draw hundreds of billions in related investment," said Huang.

The project was approved by the National Development and Reform Commission on Nov. 23, 2009.

Disney opened a theme park in Hong Kong in 2005 and now has offices in Shanghai, Beijing and Guangzhou.