The Walt Disney Company and the Shanghai municipal government have signed a project proposal to build China's first mainland Disney park.

The Walt Disney Company and the Shanghai municipal government have signed a project proposal to build China's first mainland Disney park.

According to the proposal, the entertainment giant will take a 43 percent stake in Shanghai Disneyland. The other 57 percent will be owned by a joint-venture holding company owned by the local government. The total cost will be approximately 24 billion yuan. The first phase will include a theme park, a hotel and a shopping center. The park can be open as early as 2014.

The proposal will be sent to central government for approval. Disney already has one Chinese theme park, the Hong Kong Disneyland.