Chinese locals will soon have their own Wet ‘n’ Wild theme park on Hainan Island
Less than a fortnight after announcing it had taken a 51% stake in a US$50 million Wet ‘n’ Wild development in Las Vegas after being courted by Andre Agassi and Steffi Graf, theme park developer Village Roadshow announced its next destination would be Hainan Island, China.

Village Roadshow has struck a deal with Guangzhou R&F Properties Co. 2777.HK -0.87%Ltd. to recreate a 3.5 billion yuan (US$568 million) marine animal-focused theme park, similar to its Sea World resort on Australia’s Gold Coast.

One agreement will see the Melbourne-based company design, develop and construct Hainan R&F Ocean Paradise and Hainan Wet ‘n’ Wild. A second grants Village Roadshow exclusive rights to operate it for two decades.

"We have searched the world to find the best partner to work with to deliver on our commitment to establish an international standard theme park for the people of Hainan and China. We believe we have found this in Village Roadshow,” Guangzhou R&F Properties chairman Li Sze Lim said in a statement.

Investors weren’t wrapped with the group’s newfound exposure to the Chinese tourism and leisure market. Village Roadshow shares closed unchanged at A$3.50 a share, underperforming the benchmark S&P/ASX200 which added 0.8% to 4,528.2.

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