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Investment in Shanghai's Universal Studios Theme Park has been set at 7.2 billion yuan (US$867 million). The park, which will be completed in 2006, will cover 2.5 million square meters in Pudong.
The big-ticket project, targeting some 8 million visitors during its first year of operation, is part of the city's plan to attract tourists from home and abroad.
At a conference held by the Shanghai Tourism Commission yesterday, the body said it hopes to attract 4 million overseas tourists in 2005, bringing in revenue of between US$3 billion and US$3.2 billion.
That means the city has to attract 50 percent more overseas tourists over the three-year period.
In addition, 100 million domestic visitors are expected to come to Shanghai, generating revenue of 130 billion yuan for the city in 2005.
"The goals spelled out in the three-year plan have been carefully studied and are achievable," said Dao Shuming, vice chairman of the commission. "We have the confidence to fulfill the targets."
The city is depending on a long list of projects to attract the tourists.
More than 79 billion yuan is planned for investment on about 70 projects that cover such aspects as theme parks, tourism sites, resorts, hotels, golf courses, transportation, shopping centers, restaurants, museums and sports facilities, according to Dao.
Besides the Universal theme park, the city has another three amusement park projects under construction or to be constructed.
A park with a Ferris wheel towering 200 meters, which will be the world's highest, will be created at an investment of 3 billion yuan along the northern Bund in Hongkou District.
A similar amount will go into a film center at the foot of Sheshan hill.
In addition, the city plans to create an auto theme park in Anting Town.
Natural and historical heritages will be further tapped to lure visitors. Ambitious plans are also under way to turn the different sections of the Bund into a top-tier attraction.
Anticipating a growing number of tourists, the city is also planning to create enough quality accommodations.
Under the administration's plan, the number of city's star-rated hotels and serviced apartments will increase to 450 from 300 at the moment. Hotel rooms will grow to around 70,000 from 50,000.
Hotel operators are wasting no time getting ready for the anticipated tourism boom.
According to a list of projects released by the commission, a conglomerate from Xinjiang Uygur Autonomous Region and a Cuban company have teamed up to build a new five-star hotel in Pudong, promising to invest US$120 million. Shimao Group is investing 300 million yuan to create a five-star hotel in Sheshan.
The Pudong Shangri-La Hotel is spending about 385 million yuan to expand its facility, while the Shui-On Group will invest around 700 million yuan to create a hotel near its prized Xintiandi project downtown.
(eastday.com August 23, 2003)
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