How Mickey Mouse Conquered China
Disney’s intellectual property has made all the difference.
Big in Shanghai.
Photographer: Zhang Hengwei/CNSPhoto
Two years ago, Wang Jianlin, once China's richest man, referred to his network of theme parks as a "wolf pack" that would chase Walt Disney Co. and its Shanghai Disneyland from China. Last week, Shanghai Disney unveiled a major expansion of its $5.5 billion park, now the most popular in China. Wang, by contrast, is out of the business altogether, having sold his theme-park holdings to raise cash for his real-estate company.
Wang's rollercoaster descent is, in part, a tribute to Disney's global appeal. But it also reveals shortcomings in government policy — and shows just how far China's entertainment companies must go to match Hollywood's standards.