Walt Disney Co. won the Chinese government’s approval for the construction of a theme park in the Pudong district of Shanghai, Disney announced on Tuesday.

The resort, estimated to cost $3.5 billion (23.89 billion yuan) by the New York Times, will be among the largest foreign investments in China to date.

“China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company in mainland China,” Robert A. Iger, president and CEO of Walt Disney Co., said in a statement.

The new park will boast a mix of hotels, shopping areas, and a theme park covering over 1,000 acres of land, larger than Disneyland in California.

Disney will own approximately 43 percent of the resort with a consortium of government-selected Chinese companies owning the remaining 57 percent.

The opening date is anticipated to be between 2015 or 2016.