Now it seems that the proposed fantasy park has taken a step closer to reality: Disney says it intends to submit plans for a Shanghai park to the Chinese government.

However, there are still plenty of regulatory hurdles to clear before Pudong starts sprouting enchanted castles and indoor roller coasters akin to those in the still-troubled Hong Kong Disneyland.

No deal has yet been signed, and Beijing may insist on changes to the plan for a theme park, hotel and shopping complex on the outskirts of the city, to be jointly owned by Disney and the local government. But Shanghai Waigaoqiao Free Trade Zone Development, one of two real-estate developers rumoured to be likely to be involved in the project, jumped by the 10 per cent daily limit for a third day in Shanghai trading yesterday anyway. Such a park is likely to cost over $3bn and would open around the middle of the next decade, property analysts said.