SHANGHAI?The cost of relocating villagers to make way for the first phase of the planned Shanghai Disney Park is expected to reach six billion yuan ($880 million), state media said Friday.

The local government has finished registering residents seeking compensation for the cost of moving from the four-square-kilometer (1.5 square mile) block of land, the National Business Daily reported, citing a government official.

Details on how much compensation would be paid and when the relocation would start had yet to be worked out, the official added.

The six billion yuan estimate was based on previous compensation paid to villagers on nearby land, the report said, citing industry insiders.

A spokesperson for the Shanghai government was not immediately available for comment.

The Shanghai government and Disney said earlier this month that Beijing had approved the project application report for the theme park, which would be one of the biggest ever foreign investments in China.

Neither side disclosed any figures or gave a timeframe for the project, but previous reports have said the park's first phase, located in Chuansha county of Pudong, would include a theme park, a hotel and shopping outlets and cost up to 24.5 billion yuan.