Australian theme park operator Village Roadshow has inked a pact with Chinese investment firm CITIC to form a joint venture to invest in theme park projects in Asia.
CITIC and Village Roadshow will start up an initial fund of $US500 million and have already identified projects in Chengdu, China Johor Bahru in Malaysia and South Korea.
Village Roadshow co-chief executive Robert Kirby said the joint venture partnership with CITIC will aid the company’s theme park expansion plans in China and Southeast Asia.
“With this major building block in place we are in a position to progress our expansion plans with even greater certainty, control and confidence, aided by CITIC,” Kirby said.
“We have had long discussions on a whole range of sites throughout China, and in fact throughout Asia, so we have a large radar screen of opportunities that we have been working on,” he added.
CITIC will take the lead in raising funds through third-party investors, while Village will be responsible for development and operation of the theme parks.
“Village Roadshow has expertise that is both unique and proven in designing, building, operating and promoting theme parks,” said fellow co-chief executive of Village Roadshow Graham Burke.
Village Roadshow operates Wet’n’Wild theme parks, cinemas and media businesses and may also build a theme park in China based on its Movie World park located on the Gold Coast.
