The first phase of the planned Shanghai Disney theme park secured a syndicated loan of over 12.9 billion yuan at the city's major projects promotion and syndicated loan signing ceremony on April 10.

Six banks, including China Development Bank, the Bank of China, China Construction Bank, the Bank of Communications, and Shanghai Pudong Development Bank, signed loan contracts worth more than 20 billion yuan with the operators of major projects at the ceremony. Shanghai Executive Vice Mayor Yang Xiong attended the ceremony and delivered a speech.

The Shanghai Disney theme park is China's largest international cooperation project in the service sector since the Reform and Opening-up, and has created a new model of cooperation with Walt Disney Company in building overseas theme parks.

As the Chinese operator of the Shanghai Disney project, Shanghai Shendi Group said that the syndicated loans for the project will be issued in two phases. The 12.9 billion yuan is only for the first phase of the project, and the second phase of the project will be part of the Shanghai International Tourism Zone. The first and second syndicated loans will fulfill the funding needs of the Shanghai Disneyland project and the Shanghai International Tourism Zone.

Source:chinesestock