Shanghai Disney Resort to open in June

SHANGHAI, Jan. 13 -- Disney's first theme park on the Chinese mainland will officially open to tourists on June 16 in Shanghai, offering a great boost to the tourism industry in the Chinese business hub, the company announced Wednesday.

The Shanghai Disney resort will host a multi-day opening celebration, culminating in a spectacular welcoming ceremony for the first group of guests on June 16, according to Walt Disney Co. and its Chinese partner Shanghai Shendi Group.

It is one of the largest Sino-foreign projects in the modern service industry, with investment of 34 billion yuan (about 5.5 billion U.S. dollars).

The announcement boosted the price of a number of related stocks on the Shanghai Stock Exchange, including hotels, retailers and subway companies, up to 10 percent on Wednesday morning but closed lower due to the weak board performance.

Shanghai Disney Resort will feature new attractions not seen at the five other Disney resorts worldwide, including a Magic Kingdom-style theme park with six different "lands," two themed hotels, Disneytown -- a huge shopping district, and Wishing Star Park.

"Shanghai Disney Resort celebrates China's rich heritage and is the result of years of partnership and innovation with contributions from our talented cast members and imagineers, as well as thousands of artists, designers, construction workers and suppliers from across China and around the world," said Philippe Gas, general manager of Shanghai Disney Resort.

Construction of the resort started in 2011 and is now complete. An extensive period will now follow to ensure the resort is fully operational and ready to greet millions of guests.

"The construction of Shanghai Disneyland [...] has gone through an extensive construction period and is now entering the preparation phase," said Fan Xiping, chairman of Shanghai Shendi Group.

The resort will continue to hire and train employees. Ticket fees as well as other operational details will be announced later.

The opening of the Disney Resort will help stimulate consumption of recreation facilities and their derivative products. It could provide an alternative model to the heavy reliance on ticket sales as a major source of income generally used by Chinese resorts, said He Jianmin, director of the tourism management department of Shanghai University of Finance and Economics.

Parks and Resorts contributed about a third of Disney's revenues for the latest fiscal year, according to a Disney report released in November.

The Shanghai Disney Resort will benefit enterprises which hold the stakes and franchise rights as well as tourism, trade and retail in the city, said Sun Jinju, an analyst with Guotai Junan Securities.

The resort is expected to bring 5 million new passengers annually to the Pudong Internatinal Airport after it opens in June, according to the Sinolink Securities.

The resort, located in Shanghai's premier development zone of Pudong, is expected to attract 10 million visits each year, according to the company.