Following Shanghai Mayor Han Zheng's announcement earlier this month that Shanghai will build a Disneyland, Robert A. Iger, CEO of Disney has now further confirmed the news saying that that Disney and Shanghai Municipal Government are discussing details of the theme park and waiting for approval from the Chinese government.

Local media report that Shanghai Disneyland will be positioned near Chuansha Town at the Pudong Airport. Residents there will begin to move to other locations at the end of this year.

Shanghai Disneyland will be 3.7 times bigger than Hong Kong Disneyland and the construction is estimated to last more than three years, involving a total investment of RMB30 billion.

The whole construction is expected to be commenced in 2008 and completed by 2010, right before the World Exposition is held.

There are rumors that Shanghai Lujiazui District Group (SLDG) and Walt Disney Company are planning to register a joint-stock company in Pudong, and Disney will hold 51% stake in the new company.