Universal Parks and Resorts appears to have leap-frogged over Disney in the race to open a theme park in Shanghai.
Universal, a subsidiary of Vivendi Universal, is reported to be announcing 'an agreement in principle' to build an $870m movie-themed park, tomorrow (Saturday 7 December).
The park would be built in Pudong, where Shanghai's financial district is situated, as it has considerable open space to accommodate the proposed 2sq km park.
Universal's partners in the development will be the Shanghai Jinjiang group - a Chinese hotel owner and operator - and Waigaiqiao group.
If all goes to plan, the park could be open by 2006, the same year as Disney - which was also said to be in negotiations to open a park in Shanghai - aims to open a theme park in Hong Kong, due to begin construction next month.