The Shanghai government has decided to build its proposed Disney theme park in the Chuansha area of Pudong district, an unnamed inside source told the Shanghai Securities News
. "It is just a matter of time for the official announcement,” the source said. “In addition to the World Expo, an aircraft joint venture, a maglev [rail line] and Disney are the three major projects for Shanghai in the coming years, with the Disney park of special significance.” The scoop comes after Shanghai mayor Han Zheng confirmed earlier this month the city had lodged an application to build the tourist attraction with the National Development and Reform Commission. Han identified Pudong as the likely site at the time but nearby Chongming Island was also reported as as a possible site. It was reported the Shanghai Disney park would cover 500 hectares, 3.7 times larger than a similar park in Hong Kong, and require an initial investment of US$5.65 billion (RMB40 billion). It will be built by Disney and a state-owned firm and completed by 2012, the newspaper said. However, Alannah Hall Smith, the vice president of PR at Walt Disney Asia Pacific, said the company had not reached any agreement with Shanghai.