Shanghai negotiations for Disney theme park in final stages - report

Wed. November 19, 2008; Posted: 08:06 PM

BEIJING, Nov 20, 2008 (XFN-ASIA via COMTEX) -- DIS | Quote | Chart | News | PowerRating -- The Shanghai government is in the final stages of negotiating an agreement to open a Walt Disney Co theme park in the city, with the US company expected to moderate its price demands because of the economic downturn, the official Shanghai Securities News reported, citing sources.

It said Shanghai officials believe State Council approval will follow shortly after a completed agreement with Disney.

"During the previous rounds of negotiations, Walt Disney sought a price that was too high. With the downturn in the US economy, Disney may make some concessions in price," one of the sources was quoted as saying.

The report added that terms of the agreement relating to intellectual property and ownership structure remain confidential.

The Disney park is expected to be built in the Huanglou region, a 10 minute drive from Shanghai Pudong International Airport.

To support the project, the government will permit 48-hour visa-free entry for transit passengers visiting the park, the report said.

One of the Disney proposals that come with the theme park deal is the launch of Disney channels in Chinese, most likely in cooperation with the Shanghai Media Group, the report said.

The Disney park may also ultimately benefit from the government's push to support infrastructure, the report said.

The Shanghai branch of the China Banking Regulatory Commission urged banks to provide financial support to large-scale construction projects, with the Disney theme park considered eligible for such financial backing, it said.

zachary.wei@xfn.com

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For full details on Walt Disney Co The (DIS) click here. Walt Disney Co The (DIS) has Short Term PowerRatings of 6. Details on Walt Disney Co The (DIS) Short Term PowerRatings is available at This Link.

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