According to the state-run Shanghai Securities News, Universal Studios, a subsidiary of NBC Universal, is close to winning approval from China's government to build a theme park costing more than US$1.5bn.

The park, which will be jointly owned by Universal and the Beijing Tourism Group, with the Chinese side holding a majority stake, will be located in the eastern region Tongzhou.

"We are waiting for government approval but it is not yet clear when that will come through," said Beijing Tourism Group chairman Duan Qiang.

The discussions for setting up the park reportedly began in early 2001.

Wow, that's interesting. I thought that Universal wasn't trying to spend any more money.

Guess they changed their minds

This is intresting news, since they talking since 2001 I take it talks are very advanced