2010-08-27 17:35

Walt Disney Co's Chinese partner at the city-level in developing the Shanghai Disney park, the Shanghai Shendi Group Corp, has been established, the 21st Century Business Herald reported Thursday.

Fan Xiping, vice-secretary general of the Shanghai municipal government, has been appointed as board chairman.

Fan Xiping, vice-secretary general of the Shanghai municipal government [Photo/File]

The company was registered with 300 million yuan ($44.1 million) on Aug 8, but its shareholders are not known yet.

Disney won China's approval of a 116-hectare plot of land for the company's park in Shanghai on Nov 4, 2009.

Disney will take a 43 percent stake in Shanghai Disney, while a joint-venture holding company formed by a consortium of Chinese companies owned by the municipal government will own the majority of 57 percent, according to 21st Century Business Herald's earlier report.

Disney's another Chinese partner at the Pudong district, the Shanghai Shendi Tourism and Vacation Development Company, was set up in October, 2008, with a registered capital of 130 million yuan.