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New investment for theme parks
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Wu Yan
OVERSEAS Chinese Town (OCT) will invest 600 million yuan (about US$73 million) in its tourism projects this year and next year, it was announced by Ren Kelei, CEO of the OCT group at a meeting on the performance of the Overseas Chinese Town Holdings Company on Saturday.
Ren said that the launching of the project was to add the appeal of the OCT parks and thus grab as many tourism market shares as possible before Hong Kong's Disneyland was to be finished by 2005.
Four of China's best-known theme parks, including Window of the World and China Folk Culture Villages, are located in OCT. The new investment will still go to the four existing parks to add new facilities to them.
The new investment will be used on three projects. A total of 360 million yuan has been budgeted for the second-phase construction of Happy Valley, which, among other things, will feature advanced electronic rides from overseas. Another 160 million yuan will be spent in building a new theatre called the Global Stage at Window of the World and running already finished attractions like the Amazon Bobkart Slide and the Cool Trip to the Alps Ski Dome. The slice of investment will be used by the Splendid China Company to renovate the outdoor theatre used for the China Folk Culture Carnival Parade and the public areas outside its two parks.
Sun Gang, vice-director of the China National Tourism Administration Bureau, said at the meeting that Overseas Chinese Town is the country's most successful example of a tourism development.
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