SHANGHAI, China - The NBA’s new joint venture with Anschutz Entertainment Group to design and develop about a dozen arenas in China is expected to begin in Shanghai.

The arena plan there still needs approval from China’s Ministry of Culture and Ministry of Commerce, officials said. But Tuesday’s splashy announcement on the banks of the Huangpu River had the feel of a done deal.

The ambitious plan to build on the NBA’s already huge fan base in China was announced earlier this week and could take decades to complete. But the Shanghai arena is expected to be finished for the 2010 Shanghai World Expo, which Chinese officials estimate will attract more than 700 million visitors.

The 18,000-seat arena also will be a center of cultural events and shopping, and the joint venture between the NBA and AEG will manage it.

A similar announcement for an arena in the southern manufacturing hub of Guangzhou will be made Wednesday, AEG spokesman Michael Roth said.

Earlier this year, NBA China, a joint venture of the NBA, broadcaster ESPN and Chinese companies, joined AEG and the Beijing Wukesong Culture and Sports Center to design, market, program and operate Beijing’s Olympic basketball venue.

Shanghai deserves to have a center “as iconic as Madison Square Garden in New York,” AEG president and CEO Tim Leiweke said at Tuesday’s announcement. Officials spoke of Shanghai’s potential as one of the world’s signature cities, along with Paris, London and New York.

Heidi Ueberroth, president of NBA global marketing partnerships and international business operations, said officials are thrilled about the concept of bringing NBA games to Shanghai, China’s largest and most business-minded city and the birthplace of NBA star Yao Ming.

Other cities for the arenas project are in negotiation and have not been announced, but the list is expected to extend beyond mainland China and even into Taiwan.

Ueberroth referred to “greater China” in describing the project, and Roth said Taipei, Hong Kong and Macao are all possibilities.

Slideshow   The Week in Sports Pictures The Giants on top of the football world, getting ready for the London Olympics and more. more photos

“Our largest market outside the United States is going to be here in China,” Ueberroth said.

The NBA and AEG will have a $28 million stake in the Shanghai arena project, said Tim Chen, CEO of NBA China. The overall cost of the Shanghai project is expected to be $277 million.

Project backers seemed optimistic about the future of the China arenas plan, despite the ongoing world financial crisis.

“This will have zero impact on our vision for China,” Leiweke said.

The first NBA games were shown on television in China 21 years ago. Viewers now can see up to eight games per week during the season.

Also on NBCSports.com Beyond the Arc: No. 11 Mich. St. takes big step forward Chandler: Jeremy Lin was special even in 8th grade What NFC teams need this offseason  |  And AFC DeMarco: Dodgers could become a contender Follow us on Twitter: @NBCSports  |  And Facebook