Is China building too many theme parks?
As the country shifts its economy to rely more on domestic consumption, there could be a huge amount of room for more theme parks, but they would have to be good to survive the competition
Dozens of amusement and theme parks in various styles and motifs are springing up in China, giving rise to fears of an impending bubble in the property sector.
Be it the Disneyland in Shanghai, Water Park in Shenzhen or Hello Kitty Park in Anji, Zheijiang province, one can find facilities of various hue across the length and breadth of the country.
The latest developer to expand its theme park offerings is billionaire Wang Jianlin’s Dalian Wanda Group, which started work on its 11th “Cultural Tourism City” in Guilin, Guangxi province, on Friday. With three parks already running, the group targets to have 15 “Cultural Tourism Cities” by 2020.
Carnival Group International, another tourism property developer, said it plans to have more than 10 theme parks in next five years across China’s first- and second- tier cities. Its debut project, a large scale beachside theme park contains amusement facilities, observation wheel, cinema and other outlets, in China’s northern port city of Qingdao, is scheduled to open next month.
With China determined to boost domestic consumption, some analysts and industry experts believe that there is huge room for further theme park development, while others feel that only the tough will survive.
“Chinese holidaymakers are making more domestic trips due to the economic slowdown and the devaluation of the yuan,” said Jennifer So, a tourism analyst at China Securities International.