Shanghai Disney project gets Chinese head

Walt Disney Co's Chinese partner at the city-level in developing the Shanghai Disney park, the Shanghai Shendi Group Corp, has been established, and Fan Xiping, vice-secretary general of the Shanghai municipal government, has been appointed as board chairman.

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

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.

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