Sep 15, 2015 03:00 PM EST

Universal Announces New Theme Park to Open in Beijing

Universal Studios has announced that they will be opening a new theme park in China. This will be the third Asian location for Universal properties, and will be located in Beijing. The deal was signed this past weekend.

The park, along with a hotel and entertainment complex, will occupy a 300 acre site in the Tongzhou district in Beijing's east. Eventually the entire project will encompass 1,000 acres and will include a second theme park, a water park and five additional hotels. The initial investment is said to cost about $8 billion, and will include the expansion of a subway line.

The park is set to open sometime in 2019.