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January 17, 2011

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City must get bigger Disney cash share

TO make Shanghai Disneyland profitable for the city, local government must ensure that Walt Disney Co gives it a bigger share of the income, a member of the city's top political advisory body proposed yesterday.

"Shanghai should try to negotiate with the Walt Disney Co to earn more sources of income from the project rather than just ticket sales," said Tu Haiming, a member of the Shanghai Committee of the Chinese People's Political Consultative Conference.

"It's the biggest lesson Shanghai should learn from Hong Kong, which hardly makes any profit from the Disneyland project, so far."

According to Tu, the Hong Kong government only takes home part of the proceeds from ticket sales.

Other more profitable sources of income, such as sales of Disney products, accommodation in its hotels, TV channels and English teaching projects, all belong to the Walt Disney Co.

Although the Hong Kong government paid more than 90 percent of total investment, it has gained little from the project, said Tu.

Last November, the Disney signed an agreement with the Shanghai Shendi Group Co to build a Disneyland theme park in the city, the first on the Chinese mainland. It could open in five years.


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