Property around the planned site of the Shanghai Disneyland theme park saw a drastic increase in price shortly after the Shanghai municipal government announced the project has got state approval.
The news was met with joy by many local residents that own land in the area.
"The price of property will rise. Because there will be a Disneyland theme park and a very convenient transportation system."
The proposed theme park will be the world's sixth Disneyland and the third in Asia. The planned complex in Shanghai is estimated to cover 7 square km, much more than the Disneyland in Hong Kong. (www.hxen.com)
The planned project is to include a Magic Kingdom-style theme park tailored to the Shanghai region, along with other amenities consistent with other Disney parks.
Zhu Lianqing, a researcher from the Shanghai Academy of Social Sciences says the Disneyland Project will bring huge benefits to the area.
"I think it is a comprehensive Project, which will boost economic development in Shanghai and benefit many sectors, including real estate, tourism, retail, and the animation industry."
However, some Hong Kong business people worry the number of tourists from the mainland may fall if Disneyland visitors are drawn to the Shanghai park instead.
But Rita Lau, secretary for Hong Kong's Commerce and Economic Development says that the planned Shanghai Disneyland theme park and the existing Hong Kong Disneyland will complement each other.
"There are 1.3 billion people in our country. China's economy is growing quickly and the Chinese market, with its huge potential, will be big enough to sustain two Disneylands. Both of the parks can help the development of the tourism industry and even cooperate in the future to expand the Chinese market."
Due to limited space, the Hong Kong Disneyland has been in deficit since it is opened.
CEO of the resort Andrew Cam says Hong Kong is planning to expand the theme park under the support of The Walt Disney Co with the simple goal of increasing the number of the visitors.
"We will invest around 800 million US dollars this time, half of which will be used to make the new entertainment projects with the hope the number of tourists can increase by 30%-40%."
