Walt Disney Co. announced Friday it will move forward with submitting a proposal to build a theme park in mainland China.

The Burbank-based entertainment company released a statement confirming its plan to build a $3.59 billion park as early as 2014. The Shanghai Disneyland would be Disney's fourth theme park outside the US, after Paris, Tokyo and Hong Kong.

As part of this lengthy process, we worked on a joint application report with the Shanghai government which will be submitted to the central government for review. No deal has been signed, no project has been approved, said Leslie Goodman, a spokeswoman for Walt Disney Parks and Resorts, in the statement.

The Wall Street Journal reported Disney planned to take a 43 percent equity stake in Shanghai Disneyland, while a joint-venture holding company owned by the local government would own 57 percent.

Disney shares dropped 59 cents, or 2.6 percent, to $22.31.

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