Kaisa Group’s Golden Bay Resort in Shenzhen will turn a profit in its first year, according to a former Disney executive. The Chinese developer’s new theme park will open in summer 2020.
With an investment of 30 billion yuan ($4.3 billion), attractions will include an arctic experience, water park, space simulation, aquarium, theatres, sports centre, and a special centre for children.
The 1.5 sq km development, located on the Dapeng Peninsula, will also feature a lifestyle area, luxury hotels, and shopping.
Noble Coker, president of Kaisa International Resorts Group, told South China Morning Post: “People always ask how we are going to compete with Disneyland, and the answer is that we will not.”
Golden Bay Resort and Disneyland
“It is silly to think we can have a better product than something that has 60 years of experience. Instead, we are going to meet the needs that have not been met [by Disneyland].”
Coker also said that Golden Bay will avoid competing directly with Disneyland properties in Hong Kong and Shanghai with a focus on weekend breaks for city residents from around the region.
He added: “When somebody builds an aquarium one square metre larger than yours, yours is no longer the largest one. A resort focusing on largest, fastest or tallest has no sustainable life.”
Wanda Group plans in China
Elsewhere, Wanda Group is investing 20 billion yuan ($2.94 billion) in a cultural tourism project in Chaozhou, which will include theme parks.
Wanda recently confirmed that it will build a 12 billion yuan (US$1.74 billion) theme park in the Communist Party’s revolutionary birthplace, Yan’an.
Wanda previously sold 91% of its cultural tourism business – including theme parks – to Sunac for RMB 29.57 billion ($4.4bn). Earlier this year, the group handed over the management to developer Sunac China.