Shanghai Disney first phase draws 13 bln yuan

The operator of Shanghai Disney theme park announced Tuesday that it had obtained 12.915 billion yuan (about 2 billion U.S. dollars) in loans for its first phase of investment, after reports said it had failed to raise enough.

The Shanghai Disney project, signed in November 2010, with an expected investment of 21 billion yuan (about 3.3 billion U.S. dollars), is considered to be China's largest international cooperation in service industry since the country's reform of opening up.

The 12.915 billion yuan was only for the first phase of the project, explained Shao Xiaoyun, vice president of Shanghai Shendi Group Co. Ltd., at a Shanghai project promotion and signing ceremony.

The second phase will be part of the development of the Shanghai international tourism zone project, which is planned to contain Shanghai Disneyland as well as the 20 square kilometers area around the Disneyland, Shao said.

The company obtained the loans from 12 Chinese banks and signed the contracts at the ceremony with three leader lenders, namely the China Development Bank, Shanghai Pudong Development Bank and Bank of Communications, which hold 19 percent, 15.5 percent and 15.5 percent respectively.

The company had faced financing pressure due to the international and domestic economic situation, Shao said.

The Shanghai Disney theme park is expected to open by the end of 2015, as the world's sixth and the first Disney theme park in China's mainland. More than 60 projects of nine categories have been launched since April last year.