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Popularity of Lego’s learning-through-play fuels building boom

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Legoland Resort, operated by Merlin Entertainments, the large, United Kingdom-based attractions company, has plans to step up its expansion in China, banking on the popularity of Lego brand toys and their learning-through-play philosophy.

Merlin recently announced construction of the Legoland Shanghai Resort in Jinshan district, set to open in 2024. The resort, located in Fengjing, is on the southern side of the Jinshan North train station and north of Tinglin-Fengjing Highway. The $550 million development is expected to become one of the world’s largest Legoland resorts.

It is the first Legoland park to have a section based on the famous Chinese story-”Journey to the West” and the 500-year-old legend of the Monkey King. The section is designed to connect Chinese children with their heritage and unleash their creativity, said the company.

The resort, on some 31.8 hectares, is a joint investment of Shanghai Jinshan Urban Construction Investment Group; KIRKBI, a private holding company representing the Kirk Kristiansen family, owners of the Lego brand; Merlin Entertainments, and CMC Inc, a large Chinese media and entertainment company.

Merlin also plans to build a Legoland Resort in Sichuan province, one of the economic development centers in western China, making it the first province in the region to have an international family entertainment theme park.

Lego Sichuan Resort is to cover an area of about 570,000 square meters and will be operated independently by Merlin Entertainments and developed by its local partners, Global Sunac Exhibition&Tourism Group and Zhongjun Tianxin Culture Co Ltd, with an investment of about 5.5 billion yuan ($862.4 million).

Nick Varney, CEO of Merlin Entertainments, which currently operates 13 midway attractions in China, including four Legoland Discovery Centres, five Madame Tussauds and two SEA LIFE Centres, said the resort is designed for kids aged 2-12 and their families.

“Benefiting from the strategic location and the fast development of the area, we will expect to receive visitors from western China including Sichuan, Shaanxi and Yunnan provinces,” he said.

The resort will feature a theme park, a water park and two themed hotels with 500 rooms. There will be about 100 interactive rides, shows and attractions.

In August, Legoland began construction in Shenzhen, Guangdong province, of what is to be its largest resort worldwide. Covering about 580,000 square meters, Shenzhen Legoland will be operated exclusively by Merlin, with Hazens Holdings real estate company as its local partner. The project investment is expected to be more than $1.08 billion and the park is due to open in 2024.

Varney said the project in Shenzhen reflects the size of the opportunities in the country and their commitment to developing business in China.

The company said the resort will have innovative designs, new themed areas and rides, and immersive shows launched for the China market. The park will integrate the history, culture and ecology of the city and the country, and it will also be a smart park that celebrates technological innovation, imagination and creativity in Shenzhen, it said.

Jorgen Vig Knudstorp, executive chairman of the Lego Group, said Chinese families and the Lego brand have bonded during recent decades, and this has helped create a positive impact on the development of Chinese society with learning-through-play experiences.

The Lego Group opened its largest global flagship store in Guangzhou, Guangdong province, in October. The 721-square-meter, two-story store is based on the “retailtainment” concept, which author George Ritzer described as the “use of ambience, emotion, sound and activity to get customers interested in the merchandise and in a mood to buy”.

The group’s China unit said recently they plan to continue to accelerate their investments in China by increasing its retail stores to 300 by year’s end while enhancing digitalization in the market.

The Chinese market has posted strong growth in recent years, the company said. Lego has opened six flagship stores in China, two in Shanghai and one each in Beijing, Guangzhou, Shenzhen and Hangzhou, Zhejiang province.

 

By WANG ZHUOQIONG | China Daily

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MIB signs an agreement to expedite business registration process

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Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

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MTCC reports staggering 82.9% net profit drop

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Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

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STO opens showroom in Hulhumale’

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State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

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