China’s SinoFortone to Invest $155 Million in London Paramount Entertainment Resort
LONDON — China’s SinoFortone Group is to invest £100 million ($155 million) in the $4.95 billion London Paramount Entertainment Resort, which will create up to 27,000 jobs and is expected to receive 15 million visitors per year.
The resort, which is being developed by London Resort Company Holdings, will include a theme park, events space and hotels on the banks of the River Thames in North Kent, South-East England. It is due to open in 2021, subject to planning permission from the government. Among its partner are Paramount Pictures, the BBC, Aardman Animations and the British Film Institute.
David Testa, CEO, London Paramount, said: “This (investment) 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.
“SinoFortone Group of China’s decision reflects the unique economic and regenerative opportunity provided by this multi-billion pound project, which will employ thousands of people and be a huge additional offering to the U.K.’s entertainment and tourism industries.”
Peter Zhang, managing director, and Richard Heygate, senior advisor at SinoFortone Group, commented: “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.”
The resort will contain a number of themed zones, with rides and attractions. At the heart of the resort will be a wide range of indoor, covered and open-air “experiences,” as well as a variety of cafes, bars and restaurants. The site’s venues are likely to host shows, live comedy acts and concerts, and could showcase Paramount films, and BBC and Aardman productions.
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