Huayi Brothers plans movie theme park in Suzhou

27 May 2011 10 h 41 min 17 comments

Huayi Brothers Media intends to build a 66 ha movie theme park in Suzhou, Jiangsu province, for an estimated three billion yuan ($462 million), reports on 27 May, citing a company filing.

The Film group will cooperate with Suzhou Industrial Park Yangcheng Lake Island Development company (a subsidiary of Suzhou Industrial Park Administrative Committee) and other investors. The joint venture company will have a total registered capital of 200 million yuan. 

Huayi Brothers will license its name to the park and hold a 35-percent of stake in the new company.

Suzhou, a city of six million is about one hour’s drive from Shanghai. According to Huayi, “90 million tourists visited Suzhou in 2010, a garden city built on a series of landmark canals, up 26% from 2009 and the tourism trade generated 102 billion yuan ($15 billion), up 21% on the year. Within 62-mile radius of Suzhou live 22 million people between the target demographic ages 15-45 years, according to emerging market intelligence provider, Getchee Enterprise Solutions. That number goes up to 36 million in the target age group with 120 miles and to 40 million within 155 miles.”

The Huayi facility is expected to include working studios as well as specific tourist rides and attractions. No completion date for the facility was given.

East Asia’s largest indoor film and TV studio in Shanghai

This announcement comes after Huayi’s February other news that it would build East Asia’s largest indoor film and TV studio in Shanghai as a part of a one billion yuan ($152 million) cultural tourism complex. A project which follows The Walt Disney Company’s 4.4 billion theme park, also in Shanghai.

Are they 2 different projects or Huayi moved its studio idea from Shanghai to Sushou ? Isnt it too much for Huayi, China’s largest independent film and TV production and distribution company.

On 19 May, according to a filing by Huayi Brothers, the company plans to issue 600 million yuan worth of short-term financing bills. Funds raised will be used for its international business operations and to repay bank loans. This park project was not included. On 10 May, tencent announced a 65 million investment in Huyai Brothers group.

SOURCES: Capital Vue, THR, Film Business Asia (27/5/11)

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