Walt Disney's long-awaited theme park in China's financial capital Shanghai is expected to break ground on Friday, and the $3.7 billion plant will open for business in the city's Pudong district in 2015.
Disney, the Administrative Commission of Shanghai International Tourism and Resorts Zone Shanghai Shendi issued an invitation to a "special event" but no other details were given.

The park in the northeast of the city will be built on a 2.7 square-mile site that the city has designated as a tourist destination, and is expected to feature three theme parks -- "Magic Kingdom," "Epcot" and "Animal Kingdom.

There has been much to-ing and fro-ing over when the park would open. Disney opened a theme park in Hong Kong in 2005, which is currently being upgraded to boost visitor numbers. Construction on the park is reckoned to be finished by the end of 2014 at the earliest. Disney is expected to take a 43% stake in the Shanghai Disneyland, while a joint-venture company operated by the city of Shanghai will own the remaining 57%.

The first phase of the government project covers 1.5 square miles and includes two hotels, a commercial and restaurant complex, car parks, a lake and commuter stations, according to the plan. The municipality will extend two subway lines connecting to the site, according to previously issued plans.

City officials said the first phase would cost $3.7 billion, and the park is expected to attract 7.3 million visitors a year when it opens. The attraction will be its third theme park in Asia, after Tokyo and Hong Kong. It also has two parks in the U.S. and one in Paris. Disney employs more than 600 people and markets its products in more than 25 cities in China. It operates an English-language teaching center in Shanghai for children.