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Six Flags-Branded Theme Parks to Open in China

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Six Flags-Branded Theme Parks to Open in China spacer.gifGRAND PRAIRIE, Texas, June 23, 2014 /PRNewswire/ -- Six Flags Entertainment Corporation (NYSE:SIX), the world's largest regional theme park company, and Riverside Investment Group Co. Ltd., a leading real estate developer in China, announced today a new strategic partnership to build multiple Six Flags-branded theme parks in China over the next decade.

 

"Our international expansion strategy is focused on finding the right partners in the right markets, and Riverside Investment Group will be the perfect strategic partner for us in China," said Jim Reid-Anderson, Chairman, President and CEO of Six Flags Entertainment. "We are honored to be working with this world-class organization as we continue taking the Six Flags brand to growing markets outside North America.""We are honored to enter this strategic relationship with Six Flags and expand the entertainment offerings in China," said Chairman Li of Riverside Investment Group.

 

"We are confident this world-class brand and unique form of entertainment will attract millions of guests to our parks."

Terms of the arrangement were not disclosed.

About Six Flags Entertainment Corporation

Six Flags Entertainment Corporation is the world's largest regional theme park company with $1.1 billionin revenue and 18 parks across the United States, Mexico and Canada. For 53 years, Six

Flags has entertained millions of families with world-class coasters, themed rides, thrilling water parks and unique attractions including up-close animal encounters, Fright Fest® and Holiday in the Park®.

 

For more information, visit www.sixflags.com.About Riverside Investment Group Co. Ltd.

 

Riverside Investment Group Co. Ltd. was registered in Canada in 1997. With China's fast-developing cultural and tourism industries and urbanization process, Riverside Group has become a leading real estate developer, focusing on overall health care, tourism, culture, entertainment industries and high-end residential buildings. It is also an investor, constructor and operator of middle and high-end communities, participating in the whole industrial chain from planning and design to construction, business attraction and operation. Riverside Group's projects are twice the recipient of the UN International Garden Community Gold Award, best represented by its world-class R&D, the pursuit of perfection, the respect to culture and the inheritance of civilization, all of which make it the leader in China's real estate industry. For more information, visit www.lvcgroup.com.

 

SOURCE Six Flags Entertainment Corporation

Source

 

 

You can also see the SF site for this park along with other various info at- https://content.sixflags.com/haiyan/

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isn't ironic Six Flags New England was called Riverside prior to being flagged and they are working with Riverside Investments for a park in China?

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I hope the Chinese parks they run are not unbranded like La Ronde, and that they don't add knock off coasters like most Chinese parks do. An authentic RMC and B&M can work well with those parks.

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I hope the Chinese parks they run are not unbranded like La Ronde

 

It's actually the exact opposite of this. Six Flags isn't running the parks. The chinese company, Riverside, is paying to license the Six Flags brand for their park. The name is the only reason that Six Flags is involved.

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So the Looney Tunes and Justice League will be featured in the park then?

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I am hearing reports that the developer behind the Six Flags parks in China has laid off 90 percent of its employees and is on the verge of going under.  This article says the stock is frozen.

 

https://ihouse.ifeng.com/news/2019_12_23-52499222_0.shtml

Quote

Stocks of Shanshui Cultural Park's cultural tourism company frozen


Beijing CommercialDaily  2019-12-23 13:53


Beijing Commercial News (Reporter Xiao Wei) After a series of negative news such as pressure on the capital chain, layoffs, arrears of wages, and project shutdowns, Shanshui Cultural Park's companies have suffered equity freezes. Behind this, it is likely that their "creditors" One after another embarked on a lawsuit claim. On December 22, according to Tianyan's investigation of an equity freeze information, the executed person was Shanshui Cultural Tourism Investment (Beijing) Co., Ltd. (hereinafter referred to as "Shanshui Cultural Tourism"), and the company whose frozen equity target was Chongqing Shanshui Theme Town Cultural Tourism Development Limited The company has an equity of RMB 7.861 million and the executive court is Guangzhou Tianhe People's Court. According to public information, many companies under Shanshui Cultural Park have encountered lawsuits, many involving contract disputes.  

 

According to investigation, the equity freeze was triggered by a contract dispute. In the case, Guangdong Aofei Theme Culture Technology Co., Ltd. brought Haiyan Shanshui Cultural Tourism Theme Park Development Co., Ltd. and Shanshui Cultural Tourism Investment (Beijing) Co., Ltd. to the court together. The trial of this case will start on December 31. The executed person Shanshui Wenlv owns 99% equity of Chongqing Shanshui Theme Town Cultural Tourism Development Co., Ltd. In the equity structure of Shanshui Wenlv, Beijing Shanshui Theme Enterprise Management Co., Ltd. owns 75% of its shares. If you go back and forth, you can finally find that the major shareholder is the troubled Shanshui Cultural Park. At the same time, Li Zhe, the head of Shanshui Park, is also the ultimate beneficiary of these companies.  

 

The Beijing Business Daily reporter found that last year, the Landscape Garden had reached a strategic cooperation with Aofei Entertainment and planned to join hands to create a theme town in Zhejiang. Aofei Theme Culture Technology Co., Ltd. is a subsidiary invested and established by Aofei Entertainment and Guangdong Ao Rui Holdings. The main business is to operate outdoor reality theme parks in combination with Aofei Entertainment's IP.  

 

"Based on Shanshui Cultural Park's capital chain status and debt disputes, the freezing of its company's equity is likely to indicate that companies that have defaulted on their debts have started to claim through legal channels," an industry source who declined to be named told the Beijing Business Daily reporter. In fact, Shanshui Cultural Park is currently facing a number of claim lawsuits, mainly involving the suppliers and builders of the Shanshui Six Banners theme park. "According to an analysis by a securities expert, although the reasons for a company's equity being frozen are various, but From the current situation, the cause of debt is most likely.  

 

As early as 2014, Shanshui Cultural Park, which started as a real estate company, signed an exclusive strategic agreement with the American Six Flags Entertainment Group, which is famous for its thrilling roller coaster rides. It plans to cooperate with the latter to build multiple Shanshui Six Banners cultural tourism projects in China. This is the "inflection point" for a formal transformation into the cultural tourism industry. In less than four years, the two sides have announced that they will build 11 theme parks in Zhejiang, Chongqing and Nanjing. However, Cheng He also defeated Xiao He. Many people in the industry believe that the Six Flags project, which has made Shanshui Cultural Park proud, has also become the biggest drag on its business performance.  

 

In addition to the freeze on the Shanshui Cultural Tourism Stock Exchange, previously, a reporter from Beijing Commercial Daily also learned exclusively from the partner of Zhejiang Shanshui Six Banner, Shanghai Jigao Amusement Equipment Group Co., Ltd. (hereinafter referred to as "Shanghai Jigao"). Then signed a contract for the purchase and installation of amusement equipment. However, within the time stipulated in the contract, Shanshui Liuqi did not pay more than 1 million yuan for settlement, and Shanghai Jigao did not receive payment after repeated inquiries for more than half a year. Therefore, the company sent to Zhejiang in mid-September this year. Shanshui Six Banners issued a "Reminder Letter" and brought it to court. In November, the Haiyan County Court officially opened the case and accepted the case.  

 

Dominoes are beginning to fall one by one. "According to the prevailing methods in the industry, most large-scale projects like Shanshui Six Flags Park are mostly funded by subcontracting partners, and will be paid in batches according to the agreed account period after the relevant parts are completed. The financial problems in Shanshui Cultural Park are likely to cause losses to a large number of subcontracting cooperative enterprises and engineering companies. According to data, there are more than 200 related lawsuits in Shanshui Cultural Park. The content of the judgment involves construction disputes and sales contracts. Disputes, disputes over loan contracts, disputes over labor disputes, etc. "Zhou Mingqi, founder of Jingjian Think Tank, said," After these cases are judged, a large number of Shanshui Cultural Park's assets may be frozen by justice, and its capital chain will be even more tense. It ’s more difficult. The more effective way is to find the receiver as soon as possible and pack the assets to sell them back to the blood. "

 

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Ouch!

https://www.bloomberg.com/news/articles/2020-01-10/six-flags-plunges-on-warning-it-may-cancel-all-china-projects

Quote

Six Flags Plunges to Five-Year Low on Warning Over China Parks

By 
January 10, 2020, 8:00 AM CSTUpdated on  January 10, 2020, 8:58 AM CST
 
Six Flags Entertainment Corp. fell as much as 19%, the stock’s worst loss ever, after warning that troubles with its planned China theme parks will hurt revenue -- and could lead to all of the projects being canceled.
 

The stock tumbled as low as $35.28 in New York trading Friday, its lowest intraday level since October 2014.

 

Six Flags said its Chinese development partner, Riverside Investment Group, “continues to face severe challenges due to the macroeconomic environment and the declining real estate market in China” and had defaulted on required payments to Six Flags. Riverside didn’t immediately respond to a request for comment.

 

“The loss of all the China projects would result in no revenue for that market if Riverside does not cure the default and the company is not able to engage other partners to complete any of the projects,” Six Flags said in a filing Friday.

 

Six Flags is developing parks in Haiyan, in Zhejiang province, and in the Bishan district of Chongqing, according to its website.

 

The domestic market provided Six Flags no respite. The Grand Prairie, Texas-based company said attendance at its North American parks fell “due to softer than expected season pass and membership sales, primarily during the holiday sales periods.” That probably reduced fourth-quarter revenue by $8 million to $10 million compared with the year-earlier period, Six Flags said.

 

The China and North America warnings are “clear indicators that trends in the core business continue to deteriorate. We think also the dividend could be at risk, which could create further downside.” Tyler Batory, an analyst at Janney Montgomery Scott, said in a note Friday. He cut his recommendation on the stock to neutral from buy.

 

Six Flags shares were down 19% last year, while peer SeaWorld Entertainment Inc. rose 44%.

 

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Did they even break ground? If they hadn't, then I doubt the rides had been ordered yet

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4 minutes ago, Pineracer said:

Did they even break ground? If they hadn't, then I doubt the rides had been ordered yet

Yes, the Zhejiang and Chongqing projects were under construction and were supposed to open in 2020.

Hurricane Harbor Zhejiang was almost finished, the pictures below are from Sept 2019.

https://m.weibo.cn/status/4412534033428326

 

I wouldn't be surprised if another developer finishes these projects without Six Flags being involved.

 

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Construction has resumed on the Zhejiang and Chongqing projects.  It is rumored that Sunac has taken over the Six Flags China projects and Six Flags is still involved in the projects.

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