Walt Disney Co. and its Chinese government-owned business partners broke ground on Shanghai Disneyland Friday morning, a crucial development for a company intent on bolstering its presence in one of the world's fastest-growing markets.

The theme park is part of a bigger $4.4 billion Disney resort that is to include hotels, restaurants, retail shops and other amenities. The groundbreaking took place at a ceremony attended by Disney Chief Executive Robert Iger and several government officials and featuring entertainment by...