Shanghai Disneyland to become reality

Mainland China may have its own Disneyland in less than five years, Chinese officials confirming Monday government approval to build the park in Shanghai.

Speaking under anonymity to BusinessWeek, officials said the country's main planning agency, National Development and Reform Commission, had approved the plans.

However, Disney Parks and Resorts Group executive vice president Leslie Goodman said in a statement that "No deal has been agreed to, no project has been approved"

Despite this, Mayor Han Zheng told reporters Sunday that a detailed announcement would be made this week ahead of President Barack Obama's November 15 visit to Shanghai.

It is speculated that the different public statements reflect last-minute disputes over cost and ownership details for the theme park.

Earlier in the year, in an interview with Shanghai newspaper Oriental Morning Post Mayor Han had compared Disney and Shanghai to "lovers, still in love but having a hard time deciding when to get married."

Disney has been working on getting a park in China for more than a decade, with residents of the farmland in Chuansha, Pudong district, relocated long ago to make way for the theme park.