Entertainment firm Universal Parks & Resorts will invest more than $3 billion with a Chinese partner to open a theme park, complete with a Universal-themed hotel, in Beijing by 2019, the city government and state media have said.
The project has been approved by the National Development and Reform Commission.
Universal Parks & Resorts and partner Beijing Shouhuan Cultural Tourism Investment Co will spend more than 20 billion yuan (US$3.26 billion) to build the park, which will cover an area of 296 acres. The development will include a Universal-themed hotel as well as retail outlets and restaurants.
The Beijing project will become Universal's fifth theme park after Los Angeles, Orlando, Osaka and Singapore. It is expected to also compete against a Disney park in Shanghai, which has been under construction since 2011 and is scheduled to open next year.