Theme park JV formed
Print Edition
AUSTRALIA-BASED Village Roadshow Ltd, operator of the country’s biggest cinema chain and several theme parks, yesterday said it will form a US$500 million joint venture with CITIC Trust Co to invest in theme parks on China’s mainland.
The deal was signed after two years of negotiations and Village Roadshow described it as a “major milestone” in its plan to expand its footprint into China and East Asia, Co-Executive Chairman and Co-CEO Robert Kirby said in a statement.
Kirby said its subsidiary will own 49 percent of the new fund management firm while CITIC Trust will hold the balance.
Village Roadshow will also own 60 percent in a separate company that designs, builds and operates new theme parks in China. CITIC Trust will own the remaining stake in this firm.
CITIC Trust is a wholly owned subsidiary of CITIC Ltd, one of China’s biggest financial conglomerates.
A potential theme park had been flagged for Chengdu in Sichuan Province, according to Village Roadshow.
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