China has approved the development of a $3.3 billion Universal theme park in Beijing that would be the first major foreign-owned theme park in the Chinese capital.
The U.S. company Comcast NBCUniversal and a consortium of four Chinese state-owned companies announced the plan Monday. (Disclosure: NBCUniversal is the parent company of CNBC and CNBC.com.)
They said the park will be developed on about 300 acres (120 hectares) in eastern Beijing and include attractions from other Universal parks as well as new ones reflecting China's cultural heritage.
The complex will eventually cover about 1,000 acres (405 hectares) and feature a Universal CityWalk entertainment zone and a Universal-themed resort hotel. It will be the third Universal park in Asia, with the others in Singapore and Osaka, Japan.