Canada/China: Dynamic Attractions Signs Strategic Cooperation Agreement for New Theme Park in China
Dynamic Attractions, a Canadian ride manufacturer and since 2007 a subsidiary of Empire Industries Ltd., has recently signed a strategic cooperation agreement with Altair (Shanghai) Space Technology Ltd., Co. to develop, design, co-own and operate a new theme park in the Chinese city of Hangzhou.
“Space Park” will be the name of the new leisure destination, which will also be operated by Dynamic Attractions. According to the agreement, the Canadian company will provide the park’s master plan, iconic attraction supply and the master theming for the park. Altair will bring its experience with Chinese business, including obtaining funding through its own funds, Chinese private equity sources and Chinese capital markets, as well as coordinating the relationship between Space Park and the local government. The investment volume is scheduled to approx. 600 million Canadian Dollars (approx. 3 billion Yuan or 409 million Euros). The foreseen land for the park’s development is an area of 19.3 hectares currently owned by the Hangzhou Zhijiang National Tourist Resort, a government-owned organization. After the completion of bureaucratic formalities according to national laws and regulations, the land is scheduled to be sold to Altair by the end of this year, allowing construction works to begin.
“Dynamic Attractions has over two decades of experience delivering some of the most popular rides for the world’s top theme parks, thus providing the solid foundation for Space Park to succeed,” stated Guy Nelson, Executive Chairman and CEO of Empire Industries, which owns Dynamic Attractions. Nelson added: “The appetite for world-class attractions by the rapidly growing middle class in China will be uniquely delivered by Space Park with a distinct themed environment and entertainment attraction offering.”
Dr. William Zhou, Chairman of Altair (Shanghai) Space Technology and Hyde Capital Group, commented: “Space Park will highlight space technology and exploration. Altair has a relationship with the China Aerospace Science and Technology Corporation and the China Space Museum in Beijing. This relationship ensures Space Park will supplement science education and stimulate further space innovation amongst Chinese youth by providing space-based attractions and unique displays such as Chinese spaceships and rockets on a rotational basis from the Chinese Space Museum.”
Provided that the land will be sold in due time, Space Park is scheduled to open by the end of 2020. (eap)
