Shanghai Disneyland project spurs real estate price surge

In the wake of the central government's official approval of the Shanghai Disneyland Project, property prices around the proposed park location experienced a drastic increase in price.

An hour and a half after the announcement, a piece of land nearby covering more than 56-thousand square meters was auctioned off at 1.19 billion yuan, 264 percent of its premium.

With the drastic land price surge, the housing prices in Chuansha town near the site also jumped. Some residents nearby are optimistic of a future price appreciation.

Home Owner, said, "It will definitely appreciate. There is Disneyland and light rail. It is very convenience."

Home Owner, said, "If Disney settled down here, the old district in Chuansha town will reconstruct. It is good for everybody and stimulates some industrial chains."