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After widespread media speculation, Universal Beijing, an upcoming and biggest Universal Studios theme park so far, has finally been approved by the Chinese government and state investors.
The new attraction is planned to be built in the capital's suburban area on an initial land of 300 acres. Projected to cost $3.25 billion, the park will be expanded for another 1,000 acres as construction progresses.
According to Tom Williams, chairman and CEO of Universal Parks & Resorts, Universal Beijing will showcase many Chinese elements with emphasis on "proper homage to culture in China."
The approval of the huge project is anchored on the growing middle-class population in the country and its continued acceptance of international movies.
Teaming up on the project with Universal Studios are Walt Disney and DreamWorks Animation, who will be hands-on in the construction of the vast entertainment park.
Ownership of the park goes to Beijing Shouhuan Cultural Tourism Investment (BSH Investment), a group of four government-owned companies plus Universal Parks & Resorts. Universal Beijing will be BSH Investment's third facility in Asia, after Singapore and Osaka.
Duan Qiang, chairman of BSH Investment, said: "Of all the theme parks in the world, Universal Studio is outstanding, and we have all appreciated its high standards. It is theme park based on modern movie culture, and has a great reputation around the world."
According to Duan, talks about the project have been in motion since 2001. After 13 years of preparation, the deal has finally been reached, in time for the "great improvement of people's life in China."
"Beijing is an ancient cultural city with several great cultural heritage relics. What Beijing lacks is a large-scale entertainment project based on modern technology and modern art," added Duan.
Universal Beijing, which will include a Universal CityWalk entertainment complex and an avant-garde Universal-themed resort hotel, is set to open in 2019.
