Beijing Backs Disney Shanghai Park

Walt Disney Co. disclosed it has received the go-ahead from China's central government to pursue a plan to build a theme park in Shanghai.

The approval, though anticipated for some time, will allow the Burbank, Calif., entertainment conglomerate to proceed with a project expected to be one of the largest-ever foreign investments in China. Estimates for the park's price tag are around $4 billion. It would allow Disney to establish a direct presence in a market that, despite its size, has presented numerous hurdles to foreign entertainment companies.

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