Nov. 5, 2009 (United Press International) -- The Walt Disney Company (NYSE:DCQ) (NYSE:DIS) said authorities in China have agreed to allow a Disney theme park to be built in Shanghai.

Disney President Robert A. Iger applauded the recent decision, saying China represents a new exciting expansion opportunity for his entertainment company, China Daily reported Thursday.

"China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone," Iger said.

Disney said the project in Shanghai would begin with a "Magic Kingdom-style theme park with characteristics tailored to the Shanghai region and other amenities consistent with Disney's destination resorts worldwide."

The new Disney park is expected to open in 2014 and reportedly will cost nearly $3.6 billion, China Daily said.

Real estate analyst Xue Jianxiong predicted the arrival of the Disney park would also benefit Shanghai commercial property owners.

"The landing of Disneyland will drive up prices of commercial property, which, in turn, will send local house prices rocketing to a new high soon," the E-House (China) Holdings Ltd. analyst said.