CONSTRUCTION OF XI’AN HAPPY VALLEY IS UNDERWAY

BY GABRIELLE

Construction of Xi’an Happy Valley, a theme park and waterpark in the city of Xi’an, Shaanxi Province, China, is now underway. The project covers an area of approximately 740 mt. sq. and is to have the highest total investment of the Happy Valley sites by Overseas Chinese Town Enterprises (OCT).

Located next to a 1000-year-old historic site, the park will combine the unique history and culture of the of Zhou, Qin, Han and Tang dynasties, with innovative technology. The history of the more faraway cultures of East Asia, Central Asia, South Asia, the Middle East and Western Europe will also be featured at the Happy Valley Park.  A ‘multi-media interactive night event’ is poised to be a key attraction. The park will be the first ‘esports carnival base’ in China and is also described as the world’s first ‘AR park’.

The family friendly waterpark will feature both indoor play and an outdoor area and is designed for visitors of any age. The waterpark will be open all year round and is set to open for trial in July 2021. The entire project is expected to be fully opened by the end of June 2023.

OCT’S OPERATING INCOME REACHES 17.7 BILLION YUAN IN FIRST HALF OF 2019

BY GABRIELLE

OCT, Overseas Chinese Town Enterprises, has disclosed its 2019 half-annual report. The report reveals that in the first half of 2019, the enterprise’s operating income reached 17.7 billion yuan, up 20% year-on-year.

The report also showed that the net income in the same period was up 23% year-on-year to 2.8 billion yuan and that the net profit attributable to shareholders of listed companies had risen 40% year-on-year to 4.1 billion yuan.

OCT’s total assets reached 334.6 billion yuan, a 14% increase from the start of the year. At the end of the first half of 2019, the asset liability of ratio was 76.7%, a 2.93% increase from the end of 2018.

During the first half of 2019, OCT had 18 projects in operation, equating to a total investment amount of 18.14 billion yuan. The organisation’s new equity construction project comprising of 4,367,800 square metres, soared by a huge 90% year-on-tear.

OCT’s new land reserve projects were predominantly focused on first and second tier cities. The projects are designed to improve the strategic layout in Shenzhen, Xi’an, Wuxi, Nanjing, Wuhan, Jinan, Chengdu, Zhengzhou and other cities.

In relation to tourism, during the first half of the year, OCT worked on a total of 19 scenic locations, focused on leisure tourism resorts, independently operated performing arts projects, 24 hotels and a travel agency.

In the first half of the year, the company attracted 17.82 million visitors to its sites.