Disneyland approved in Shanghai

On November 23, the National Commission of Development and Reform announced on its Web site that the central authorities had approved Disneyland to be built in Shanghai. Located in the town of Chuansha in Shanghai's Pudong district, Disneyland will cover an area of 116 hectares. Consequently, several villages within the area will be relocated.

Rumors have been circulating that the future park will be much larger than 116 hectares. According to some reports, the theme park will cost 50 billion yuan (about US$7.4 billion) and finish construction in 4-5 years. Needless to say, it will give a big boost to the local economy. Even now, before the foundation has been laid, housing prices in the neighborhood have started rising.