Universal Studios has sealed a deal with a consortium of four state-owned Chinese companies to build a USD 3.3 billion theme park in Beijing.
Covering an area of 405 hectares in the eastern suburb of Tongzhou, the Beijing park will be Universal's third in Asia after those in Singapore and Osaka, as well as the first major foreign-owned theme park in the Chinese capital.
The deal's conclusion is the product of over a decade of perseverance for Universal, having first announced their plans for the park back in 2002.
Disney currently operates one theme park in Hong Kong and is building another in Shanghai, and in June Six Flags unveiled plans to build six parks across the country over the next ten years. Earlier this year, DreamWorks also announced plans to build a USD 2.4 billion theme park in Shanghai.
Homegrown company Wanda, meanwhile, plans to develop 200 theme parks to take on DreamWorks, Disney, Universal and other foreign competitors.
Universal Studios Beijing is expected to open in 2019, four years after Disneyland's opening in Shanghai.