As many theme parks
struggle, a State-owned enterprise has flourished. Huang Ying examines the
reasons behind the company's rapid growth.
Theme parks may seem to
be a good choice for property tycoons and eager speculators in the current economic
environment, as the government continues to tighten controls on the real estate
market and boosts the development of the culture industry. However, the fact is
that among the theme parks now operating in the Chinese mainland, only a
fraction of them make a profit, analysts say.
Overseas Chinese Town
Group is one of the few that dedicates itself to the culture industry among
State-owned enterprises. Under the management of the State-owned Assets
Supervision and Administration Commission, OCT Group has established a
well-organized layout for theme parks across the country over the past two
decades.
The tourism and culture
giant's first theme park, Splendid China, opened in Shenzhen, Guangdong
province, in 1989.
OCT Group developed
some other projects that can be categorized into three types. One kind is
amusement parks, entertaining people and offering recreation services, while
another offers resorts, combining leisure activities and scenic spots for
tourists. The third type comprises miniaturized scenic spots.
The Happy Valley parks
belong to the first group. They have gained in popularity since the first one
opened in Shenzhen in 1998.
OCT Group now operates
five Happy Valleys across the nation, making it the first domestic theme-park
chain brand. The other four are in Beijing; Chengdu, Sichuan province;
Shanghai; and Wuhan, Hubei province. The sixth one in Tianjin is scheduled to
open within this year.
In the second category
are OCT East, in Shenzhen, and OCT Taizhou, in Jiangsu province. Another
project of this kind is under construction in Kunming, capital of Yunnan
province, and is scheduled to be completed this year, according to the company.
Window of the World
parks in Shenzhen and Changsha, Central China's Hunan province, with miniature
models of top international tourist attractions, belong to the third kind.
OCT Group made the list
of top 10 amusement park chains worldwide for the first time in 2008, ranking
eighth with an attendance of 13.4 million. The group kept its ranking in the
list in the following three years, according to the Global Attractions
Attendance Report released by the Themed Entertainment Association and the
Economics practice at AECOM.
In 2011, of the top 20
amusement or theme parks in Asia as measured by attendance, nine are in the
Chinese mainland, and five are owned by OCT Group, the report said.
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