It’s good news for people of China. As per a report, Walt Disney Co. in collaboration with its Chinese government-owned business partner, Shanghai Shendi Group, has given a final nod to the construction of its theme park in Shanghai.

The theme part is expected to include 11 acres of green space leading to largest Storybook Castle of any of the company's six theme parks.

As far as the investment structure of the project is concerned, Disney Spokesperson confirmed that 70% would be in equity as compared to 30% debt based structure. Earlier the project was halted after a dispute started between Disney and Chinese government.

Responding to the news, Walt Disney Co. Chief Executive, Robert A. Iger asserted that the project will prove out to be a boon for the Chinese international status and further, assured that architecture of the project will be a blend of both Disney’s’ and Chinese culture.

Further, Iger assured that the location of the part is accessible to over 330 million people who can take comfortable journey of three-hour in a car or train

Amid the hype created by the joint venture of theme part, Hong Kong Disneyland revised the stipulated time of competition of its theme park by one year and confirmed that the project will start in 2013.