Universal To Build $3.3bn Beijing Theme Park

Universal Studios has confirmed a $3.3bn (£2bn) deal to build its first theme park in China.

The announcement was made at a news conference in Beijing following 13 years of negotiations with Chinese authorities.

Universal gave no opening date for the 300-acre park in the east of China's capital but state-run media suggested 2019 had been agreed.

The park will be jointly owned by a consortium of state-owned companies known as Beijing Shouhuan and Universal Parks and Resorts.

While no details were given on specific rides or attractions, reporters were told they would include a significant celebration of Chinese culture.

The park was expected to cash in on the popularity in China of franchises including Harry Potter and Transformers.

Harry Potter proved so popular in the country that the release of the final film was delayed by authorities for fear it would overshadow the ruling Communist Party's 90th anniversary.

The fourth Transformers movie, Age Of Extinction, was the highest-grossing film in the country.

Chairman and chief executive of Universal Parks and Resorts, Tom Williams, told reporters: "We will work together to create experiences based on China’s best-loved stories and centuries-long rich cultural heritage.

"It's pretty clear, at least to me, that the prospects for success are extremely good and it will be amongst the largest (parks) that we have ever done, as it surely needs to be, in order to accommodate very substantial attendance."

State media reported that the park had been given an option to expand to 1,000 acres in later years - a move that would easily make it the biggest of the existing Universal parks in Los Angeles, Orlando, Japan and Singapore.

It was confirmed that director Steven Spielberg would be involved in the park's design as part of his role as a Universal consultant.

China is currently experiencing a boom in theme park construction - with almost 60 set to be completed by 2020 according to a recent industry report.

Disney and DreamWorks are due to open parks in Shanghai as studios rush to cash in on the growing Chinese entertainment market.

Research has suggested that China will have the capacity by 2020 to receive as many theme park visitors to its own shores as that currently enjoyed by the United States.