InterQuad (International Quadratics)
InterQuad (International Quadratics) With a combined legacy spanning over 150 years, International Quadratics (founded in 1976) and Pierce Pool Supplies (originally established in 1898 as A H…
read moreWith more than 60 theme parks under development across the nation, the Chinese Government is looking to slow the pace of theme park development.
As of the end of 2015, China had 59 theme parks planned or under construction and with some reports that the figure could now be in the hundreds China’s central planning body has warned developers that the development boom could see unpayable debts and low grade or copycat developments.
This explosion in theme park development in the country is due in part to the Chinese Government lifting a ban on theme park approvals in 2013, enabling parks under CN¥5 billion (US$800 million to be approved at a provincial level, encouraging further investors.
According to the National Development and Reform Commission (NDRC) – which has broad administrative and planning control over the Chinese economy – theme park developers should strengthen supervision to “prevent the formation of local debt risks, social risks and financial risks.”
An NDRC statement advised “in the development of theme parks we’ve seen unclear concepts, blind construction, imitations and plagiarism, low-standard duplication and other issues,” adding that in certain areas “local debt risks” were starting to emerge.
For future plans, the NDRC says that entertainment firms should involve the Government more planning such developments, with particular care placed on developments worth more than CN¥1.5 billionn (US$237 million).
Attractions sales in China grew significantly last year, increasing 27%, with UK-based market research organisation Mintel predicting the market to more than double in size to CN¥89.2 billion (US$14.2 billion ) by 2022.
In June last year, China’s government removed restrictions on foreign investment in large-scale theme park projects as part of a pledge to open the country’s economy - the second largest in the world - to wider foreign investment.
Major developments in the country include those from the likes of Disney, Universal, Wanda and now Sunac. The NDRC says that new property developments around theme parks, including commercial and residential properties, will be closer scrutinised and must gain separate approval.
As its theme park sector continues to thrive, China predicts spending at its parks to reach nearly US$12 billion by 2020, with visitor numbers surpassing 330 million people. As Chinese disposable income rises, attractions are reaping the rewards, with tourism numbers increasing as more leisure opportunities become available to tourists.
Images: Shanghai Disney Resort (top) and Wanda World Park (below).
25th July 2017 - CHINA LOOKS TO EXPAND LEISURE SECTORS TO U$$130 BILLION BY 2020
29th May 2017 - DALIAN WANDA GROUP TO BUILD NEW CENTRAL ASIAN THEME PARKS
8th May 2017 - WORLD’S LARGEST INDOOR SNOW PARK OPENING IN CHINESE CITY OF HARBIN
26th April 2017 - ZHONGHONG GROUP BUYS 21% STAKE IN SEAWORLD WITH PLANS TO BRING BRAND TO CHINA
25th January 2017 - SHANGHAI DISNEY WELCOMES CLOSE TO SIX MILLION VISITORS IN SEVEN MONTHS
4th January 2017 - TOP CHINESE ADMINISTRATOR PREDICTS REMARKABLE YEAR FOR CHINESE SPORT
2nd December 2016 - WANDA TO EXPAND TOURISM EMPIRE WITH US$30 BILLION INVESTMENT
18th November 2016 - WANDA GROUP SELECTS PREMIER RIDES TO DEVELOP ‘WORLD FIRST’ THEME PARK ATTRACTION
15th November 2016 - INVESTMENTS IN CHINA’S THEME PARKS DRIVING ASIAN TOURISM
18th October 2016 - NEW DALIAN WANDA CULTURAL THEME PARK OPENS IN SOUTHERN CHINA
16th January 2016 - ASIAN TRAVELLERS SEEK NEW EXPERIENCES
27th April 2015 - CHENGDU CUBE OCEANARIUM RECOGNISED WITH TWO GUINNESS WORLD RECORDS
23rd April 2014 - AQUARIUM AT CHIMELONG OCEAN KINGDOM CONFIRMED AS WORLD’S LARGEST
13th August 2013 - CHINA MARKS NATIONAL FITNESS DAY AS NATIONAL SURVEY SHOWS A DECLINE IN PHYSICAL ACTIVITY AMONG YOUNG
29th August 2011 - CHINA CURBS THEME PARK PROJECTS
17th June 2010 - CHINA’S FIRST OUTDOOR PURSUITS EXHIBITION
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