The Shanghai Disney Resort is an upcoming theme park resort by Walt Disney Parks and Resorts. This is the first Disney park in mainland China and the second within the Greater China region, the other being the existing Hong Kong Disneyland. The resort is scheduled to open in 2016. Phase 1 of the resort's development will feature a Disneyland-style park, Shanghai Disneyland Park, an entertainment district, two themed hotels, recreational facilities, a lake and associated parking and transportation hubs. Additional phases will see the development of two additional theme parks at the resort. The site will cover 963 acres in Pudong, Shanghai, or approximately 3 times the size of the Hong Kong Disneyland Resort, at a cost of 24.5 billion yuan (US$3.7 billion) for the new theme park and an additional 4.5 billion yuan (US$0.7 billion) to build other aspects of the resort. 43% of the resort will be owned by The Walt Disney Company and the remaining 57% will be owned by the Shanghai Shendi Group, itself a joint venture of three companies owned by the Shanghai government.