Planned London Paramount Resort to Get $155 Million Chinese Investment
The $5.0 billion project is set to open in 2021 and is expected to create up to 27,000 jobs and attract 15 million visitors per year.
Chinese real estate company SinoFortone Group plans to invest an initial $155 million (£100 million) in the planned London Paramount Entertainment Resort, the companies said on Tuesday.
The planned resort will include a theme park, events space, cinemas, theaters and nightclubs, restaurants, bars, cafes and hotels on the banks of the Thames in North Kent, England. The BBC and Wallace & Gromit and Shaun the Sheep producer Aardman Animations are also among the partners on the project.
Due to open in 2021 subject to planning permission by the responsible authorities, it is the first major leisure scheme to be designated a "Nationally Significant Infrastructure Project" by the U.K. government.
The $5.0 billion (£3.2 billion) project is expected to create up to 27,000 jobs and attract 15 million visitors per year. "We are delighted that SinoFortone Group of China has decided to invest," said London Paramount CEO David Testa. "This shows that our vision for London Paramount and its location in North Kent with excellent transport links to London, Europe and the rest of the world, is appealing to investors, residents and tourists alike."
Peter Zhang, managing director, and Richard Heygate, senior advisor at SinoFortone, said: "London Paramount is an ideal investment opportunity given its excellent connectivity to the capital. We are delighted to act as a bridge from China to this major European and British project, and are excited to be able to make London Paramount a reality."
Said Nigel Spray, head of principal investments & advisory at Kleinwort Benson, which is working with the partners behind the project to raise the necessary funds: "We are delighted to have brought together two major players across the globe for a truly world-class entertainment resort. The resort combines the best of Hollywood through Paramount Pictures, the best of British through the involvement of the BBC and Aardman Animations and now the best of Chinese construction expertise through SinoFortone Group."