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Disney to Open First Mainland China Resort in Shanghai in June

China's very own Happiest Place on Earth will be enchanting visitors as soon as this summer.

The Shanghai Disney Resort is slated to throw open the doors of its Magic Kingdom on June 16, becoming the first Disney destination on mainland China and the third in Asia following Tokyo Disneyland's debut in 1983 and Hong Kong Disneyland Resort opening in 2005.

Disney to Open Resort in Shanghai 0:47

The estimated $5.5 billion resort is a joint venture between Disney and Shanghai Shendi Group, a state-owned enterprise that is holding 57 percent of the project.

"The resort reflects Disney's legendary storytelling along with China's rich culture, and showcases some of the most creative and innovative experiences we've ever created," Disney CEO Robert Iger said in a statement. "We're looking forward to showing it to the world and sharing it with the people of China for generations to come."

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Disney is hoping to capitalize on China's massive economic growth in recent years, although forecasts this year have sent the world's second-largest economy into a tailspin.

The new resort broke ground in 2011 and will encompass more than 960 acres. It will include an Enchanted Storybook Castle, being billed as the largest, most technologically advanced of Disney's fabled castles.

The park will also be home to different themes, and include Marvel and Star Wars characters owned as part of Disney's other properties.