They’ve reached an agreement with the Shanghai Shendi Group—this company was set up specifically to lure Mickey, Goofy, and Donald—and it now appears that all systems are go for Disneyland Shanghai.
The Chinese government still has to give things the final stamp of approval, but that only seems like a formality at this point. Details are still sketchy, so we don’t know if Space Mountain and other favorites will be making an appearance. At a minimum we’d expect “it's a small world” and a castle devoted to a princess, and hopefully something new, exciting, and slightly different than the offerings from other Disneyland parks.
Construction should start sooner than later assuming everything else goes smoothly, as the rumor is that the park will open up at some point in 2013. It's not cheap, as it will cost just shy of $4 billion to build will be spread out across 1.5 square miles. No renderings or sneak peeks just yet, but as soon as we see some, we’ll pass them along!