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China clamping down on unsustainable theme park boom
POSTED 12 Apr 2018 . BY Tom Anstey
China’s central planning body has warned developers about the country’s ongoing theme park boom, raising concerns over potentially unpayable debts and low grade or copycat developments, as new parks continue to spring up across the country.

As of the end of 2015, China had 59 parks planned or under construction, with the figure now thought to be in the hundreds. 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¥5bn (US$800m, €717m, £633m) 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.”

“In the development of theme parks we’ve seen unclear concepts, blind construction, imitations and plagiarism, low-standard duplication and other issues,” said an NDRC statement, which also added 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¥1.5bn (US$237m, €191.8m, £166.8m).

Attractions sales in China grew significantly last year, increasing 27 per cent to CN¥39.5bn (€5.1bn, £4.4bn), with Mintel data predicting the market to more than double in size to CN¥89.2bn (US$14.2bn, €11.5bn, £10bn) 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$12bn (€10.7bn, £9.5bn) 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.
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NEWS
China clamping down on unsustainable theme park boom
POSTED 12 Apr 2018 . BY Tom Anstey
China’s central planning body has warned developers about the country’s ongoing theme park boom, raising concerns over potentially unpayable debts and low grade or copycat developments, as new parks continue to spring up across the country.

As of the end of 2015, China had 59 parks planned or under construction, with the figure now thought to be in the hundreds. 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¥5bn (US$800m, €717m, £633m) 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.”

“In the development of theme parks we’ve seen unclear concepts, blind construction, imitations and plagiarism, low-standard duplication and other issues,” said an NDRC statement, which also added 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¥1.5bn (US$237m, €191.8m, £166.8m).

Attractions sales in China grew significantly last year, increasing 27 per cent to CN¥39.5bn (€5.1bn, £4.4bn), with Mintel data predicting the market to more than double in size to CN¥89.2bn (US$14.2bn, €11.5bn, £10bn) 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$12bn (€10.7bn, £9.5bn) 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.
RELATED STORIES
China theme park boom driving Asian tourism, says Global Trends Report


China’s theme park boom has been identified as a major trend for Asia in this year’s edition of the Global Trends Report, with new developments and an emerging middle class driving tourism in the region.
Ferrari inks deal for China theme park


Ferrari has signed a non-binding agreement with a Chinese property developer to build the luxury car-maker’s first theme park in China.
Visions of China theme park developers sign deal with Rotherham council


The Visions of China theme park, planned for a former opencast coal mine in the Rother Valley Country Park, is one step closer to development with a lease agreement signed between the local council and developers.
MORE NEWS
Two Trees, James Corner Field and Shop Architects team up on Williamsburg waterfront park
New York-based developer Two Trees Management has opened a disused sugar factory redevelopment in Williamsburg, Brooklyn, turning the site into a waterfront park.
Attendance soars for Dubai Parks and Resorts as DXB reports half year visitor figures
Things are looking up for DXB Entertainments, after the operator reported more than 1.4 million visitors to Dubai Parks and Resorts in the first half 2018 – an increase of more than 46 per cent year-on-year.
British space tourism one small step closer as Scotland confirmed to host UK's first spaceport
The Scottish Highlands are set to become the hub for British space travel, a sector which could be worth an estimated £3.8bn (US$5bn, €4.3bn) to the UK's economy.
Nairobi’s The Beacon set to be Alsop’s only African foray
Planning permission has been granted to architect All Design for one of the late Will Alsop’s final creations before his untimely passing in May 2018, which will be a gregarious shopping centre and office development in Nairobi, Kenya.
+ More news   
LATEST JOBS
Forest Centre Operations Manager
Forestry Commission
Salary: £29,695 - £32,811
Job location: Thetford, UK
Marketing Manager
Legoland Discovery Centre
Salary: Competitive
Job location: Kansas City, Missouri, USA
Marketing Manager
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Facilities Technician
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Job location: Winter Haven, Florida, USA
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+ More jobs  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2018

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