The operator of the proposed Shanghai Disney theme park has succeeded in securing a 12.9 billion yuan ($2 billion U.S.) loan for the park’s construction, Chinese media reported Wednesday.
Shanghai Securities News cited Shao Xiaoyun, a vice-president of the Disney theme park operator, Shanghai Shendi Group, as saying that the project will receive two syndicated loan amounts — the first being 12.9 billion yuan.
“The first and second syndicated loans will fulfill the funding needs of the Shanghai Disneyland project and the Shanghai International Tourism Zone,” Shao said.
Tuesday’s loan agreement was signed under a framework agreed on last May between Shendi Group and a group of 12 banks, led by China Development Bank, Shanghai Pudong Development Bank and Bank of Communications, the Shanghai Daily reported.
The city of Shanghai plans to develop a tourism zone around the theme park as well. The theme park is estimated to cost $3.9 billion U.S. Hotels and other facilities will cost another $713 million.
Entertainment giant Walt Disney Co. will hold 43% of the shares of the owner companies. The government-backed Shendi Group will holding the other 57%.
The investment amount will be split between media company Walt Disney Co and the Shendi Group, with Disney holding 43 percent of the shares of the owner companies and government-backed Shendi holding the remaining 57 percent.
Also on Tuesday, Disney announced that it will collaborate with China’s Ministry of Culture and Tencent Holdings on an initiative to promote the country’s animation industry, train local talent, and develop world-standard Chinese content and franchises.
Disney said in a statement that it will provide expertise in creative concept development — particularly story writing, screening, story refining and market research — to the country’s National Animation Creative Research and Development Cooperation. Tencent will give online marketing support.
Little or no investment will be required from the Mouse House, which will enjoy the so-called “first look” at developing material into TV shows or movies for Chinese and international audiences.