Beijing group plans US$900 mln Universal park
HONG KONG, Oct 17 (Reuters) - A Beijing tourism development group said on Thursday that it planned to build a Universal Studios theme park in time for the 2008 Summer Olympics to be hosted by the Chinese capital.
Mei Yun Xin, president of Beijing Tourism Group Co Ltd, told a news conference that the 300-hectare theme park would cost US$900 million to develop in its first phase.
China has attracted the attention of theme park developers of late. The Walt Disney Co <DIS.N> plans to build a park on the mainland, most probably in Shanghai. Disney is already building a theme park in Hong Kong.
Universal Studios is a subsidiary of French media and utility giant Vivendi Universal SA <V.N> <EAUG.PA>. Its theme park operating arm Universal Recreation said in August that it had been studying since January whether to invest in a park or a resort in China.
Beijing Tourism Group, which was established by the city of Beijing, also said on Thursday that it aimed to invest between 1.5 billion and 2.5 billion yuan (US$181 million-$302 million) to expand its Beijing Hotel by 2008.
It also said it had formed a joint venture called Beijing Tourism Development Co Ltd, 40-percent owned by China-backed Beijing Enterprises <0392.HK> and 27.5 percent by Hong Kong ports-to-telecoms conglomerate Hutchison Whampoa Ltd <0013.HK>.
Beijing Tourism Group Ltd owns the remaining 32.5 percent of the venture.
Mei said the venture had not yet decided whether it would participate in development of the Universal theme park.
10/17/02 07:08 ET
HONG KONG, Oct 17 (Reuters) - A Beijing tourism development group said on Thursday that it planned to build a Universal Studios theme park in time for the 2008 Summer Olympics to be hosted by the Chinese capital.
Mei Yun Xin, president of Beijing Tourism Group Co Ltd, told a news conference that the 300-hectare theme park would cost US$900 million to develop in its first phase.
China has attracted the attention of theme park developers of late. The Walt Disney Co <DIS.N> plans to build a park on the mainland, most probably in Shanghai. Disney is already building a theme park in Hong Kong.
Universal Studios is a subsidiary of French media and utility giant Vivendi Universal SA <V.N> <EAUG.PA>. Its theme park operating arm Universal Recreation said in August that it had been studying since January whether to invest in a park or a resort in China.
Beijing Tourism Group, which was established by the city of Beijing, also said on Thursday that it aimed to invest between 1.5 billion and 2.5 billion yuan (US$181 million-$302 million) to expand its Beijing Hotel by 2008.
It also said it had formed a joint venture called Beijing Tourism Development Co Ltd, 40-percent owned by China-backed Beijing Enterprises <0392.HK> and 27.5 percent by Hong Kong ports-to-telecoms conglomerate Hutchison Whampoa Ltd <0013.HK>.
Beijing Tourism Group Ltd owns the remaining 32.5 percent of the venture.
Mei said the venture had not yet decided whether it would participate in development of the Universal theme park.
10/17/02 07:08 ET
