Disney plans to build theme park in Shanghai

The House of Mouse is expanding again. We expect a fun, wacky Mickey/Mao Zedong ride.

The Walt Disney Co.(DIS Quote – Cramer on DIS – Stock Picks) said Friday that it was going to submit a plan to build a new theme park in China in a joint venture with the Shanghai government. The family entertainment giant released a statement confirming its plans at about the same time as The Wall Street Journal released a story on its Web site that said Disney was working with Shanghai to build a $3.59 billion park to open as early as 2014. – From The Street

Walt Disney Co has completed talks with the Shanghai government on plans to build a Disneyland theme park in the city and the project will be announced soon, the official Shanghai Securities News reported on Thursday, citing people close to the talks. Senior Disney executives came to Shanghai last December to discuss details of cooperation with the local government and the two sides achieved a consensus on the project, the newspaper said. The project, however, has yet to receive approval from China’s central government, which will be essential if it is to go ahead. – From Forbes