Viacom unit plans US$1.5bn theme park in Hangzhou
Saturday, May 28, 2005,Page 12
Viacom Inc's Paramount Parks plans to build a US$1.5 billion theme park in the eastern Chinese city of Hangzhou in partnership with Shui On Group Ltd, a Hong Kong developer, according to the municipal government and the builder.
A preliminary agreement was signed on Wednesday, said Tang Jinxiang, a planning official at Hangzhou's Yuhang District Tourism Bureau. Shui On spokeswoman Christine Mui said no time frame was agreed for work to start. Carl Folta, a US-based spokesman for Viacom, said he couldn't comment.
Paramount, whose five North American parks have rides based on movies such as Crocodile Dundee, may vie for visitors with Walt Disney Co's US$3.5 billion Hong Kong park.
"Not too many people in Asia know about Paramount theme parks," said Adrian Ngan, a Hong Kong-based analyst with BNP Paribas Peregrine Securities.
Rockefeller Group Inc, a US subsidiary of Mitsubishi Estate, and Shui On will be responsible for building the Hangzhou theme park, according to a secretary for Tu Dongdong, deputy chief of Hangzhou's Yuhang district. Rockefeller and Shui On would invest in the park, and Paramount would provide brands and ideas.