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Universal Parks and Resorts has cleared a great bureaucratic wall in China, unveiling a preliminary deal today to build a theme park in Shanghai, giving the company a lead over rival Walt Disney Co. The unit of Vivendi Universal jointly announced with Shanghai officials an agreement in principle to build the park along the Huang Pu River in China's largest city. Hopes are that the park will open in 2006, although Universal sources cautioned that additional government approvals will be needed.
Disney, meanwhile, says that they do not plan to open any other parks beyond Hong Kong sooner than 2010.
Read more from The Orlando Sentinel on Universal and Disney.