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by Michael C. Lowe | November 10, 2010

Walt Disney has signed a formal agreement with Shanghai Shendi Group Corp. to jointly develop a Disneyland theme park in Shanghai. The investment company is backed by the Shanghai municipal government and will work closely with Disney to complete the theme park by 2014, according to China Hospitality News. The completed park reportedly will span 988 acres and cost an estimated $3.8 billion.