Leading creator of attractions and rides, Dynamic Attractions, has signed a strategic cooperation agreement with Altair (Shanghai) Space Technology Ltd to design, develop, co-own and operator a new theme park in Hangshou, China.
The agreement was signed on 1st September 2016 at a ceremony in the presence of Canadian Prime Minister Justin Trudeau, and the Honourable Chrystia Freeland, Minister of International Trade.
The new theme park called “Space Park” is expected to cost CAD$600 million (3 billion yuan).
Under the agreement, Dynamic Attractions will bring its world leading experience in the attractions industry, including park master planning, iconic attraction supply, master theming for the park, and operational expertise to commission the attractions and operate them.
Above: Guy Nelson, CEO of Empire Industries and Dr. William Zhou, Chairman of Altair (Shanghai) Space Technology, sign Space Park agreement.
Altair will bring its considerable 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.
Space Park will use the latest advanced technologies including virtual and augmented reality in it’s attractions, to create an immersive, thrilling experience for guests. Both parties’ commitment to using advanced technology will differentiate it from other theme parks in China.
The land identified for the park is currently owned by government owned Hangzhou Zhijiang National Tourist Resort. Through a separately executed Investment Framework Agreement with Altair (Shanghai) Space Technology Ltd., Co., the Hangzhou Zhijiang National Tourist Resort has agreed to conduct a process to sell the 19.3 hectares of land before the end of 2016, in accordance with the relevant provisions of national laws and regulations. If Altair is successful in obtaining the land through this process, Space Park is anticipated to open in late 2020.
“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.
Mr. 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.”
“Space Park will highlight space technology and exploration, ” stated Dr. William Zhou, the Chairman of Altair (Shanghai) Space Technology and Hyde Capital Group.
“Altair has a relationship with the China Aerospace Science and Technology Corporation and the China Space Museum. 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 in Beijing, ”.
The Strategic Cooperation Agreement between the two parties tasks Altair Space Technology to secure the land and funding prior to commencement of Dynamic Attractions’ role.