Saturday, May 28, 2011
Here is some news about Shanghaî Disneyland! Financial news, in fact: Twelve Chinese banks have signed a syndicated loan deal with Shendi Group, Disney Co's local partner, for the construction of the Shanghai Disneyland theme park, the Xinhua News Agency reported late on Friday.
It did not mention how big the loan was but said the lead lenders were China Development Bank, Shanghai Pudong Development Bank and Bank of Communications. Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank and Bank of China are co-leads of the loan. Other participating banks include China Exim Bank, Bank of Shanghai , CITIC Bank , Huaxia Bank and Shanghai Rural Commercial Bank.
As you know, the deal to build the $3.8 billion resort, recently approved by the Chinese central government, gives 43% of the project to Disney and 57% to a trio of state-owned businesses, collectively known as the Shanghai Shendi Group. The project's costs--and profits--are to be divided along those proportions.
Wow, that's a lot of banks. Now that they've got the money, they have to build the park and let us know more about it!
News From Reuters
Artwork: copyright Disney