20th Century Fox to build theme park in South Korea

Another multibillion-dollar Asian theme park is in the works: 20th Century Fox announced plans Wednesday to build one in South Korea.

The announcement comes only seven months after the entertainment company broke ground on a 25-acre theme park in Malaysia.

The new 75-acre theme park will be part of the 700-acre Ungdong Entertainment Complex in Changwon City, on the southeastern coast of South Korea, 20th Century Fox said. The company is reportedly planning to invest about $3.5 billion to complete the project by 2018.

Twentieth Century Fox World Korea will be operated by Village Roadshow Ltd. of Australia. Representatives for 20th Century Fox said it was too early to say what type of attractions will be included in the park.

“Korea provides a unique opportunity for an international theme park destination that will be incredibly attractive to both a thriving domestic consumer as well as a quickly growing tourist market from China, Japan and across Asia,” said Jeffrey Godsick, president of 20th Century Fox Consumer Products.

It’s the latest in several theme parks scheduled to open in Asia in the next few years.

Twentieth Century Fox plans to open its $300-million Malaysia park in 2016, according to a partner in the project. The park will feature more than 25 rides and attractions with characters and story lines from 20th Century Fox’s films, including “Ice Age,” “Rio,” “Night at the Museum” and “Alien vs. Predator.”

Six Flags Entertainment Corp., which operates Six Flags Magic Mountain in Valencia, announced a partnership last month to build multiple theme parks in China over the next decade.

In April, Walt Disney Co. and a Chinese partner announced plans to add an extra $800 million to the $4-billion price tag of a Disney resort they are building in Shanghai.

Asia has become a new target for theme park developers that hope to take advantage of the surging middle class in China and the growth of disposable income throughout Asia.

By 2030, Asia will be home to 64% of the global middle class and account for more than 40% of the middle-class consumption throughout the world, according to a report from the Brookings Institution.

To read more about travel, tourism and the airline industry, follow me on Twitter at @hugomartin.