Unfinished Asia’s biggest amusement park in Beijing demolished after 15 years of abandonment

Unfinished Asia’s biggest amusement park demolished

2013-05-14 01:31:22 GMT2013-05-14 09:31:22(Beijing Time)  SINA English

Most of the unfinished Wonderland Amusement Park in Beijing’s Changping district has been demolished after 15 years of abandonment.

The Reignwood Group launched construction of the park, which was going to the biggest amusement park in Asia, in the mid-1990s. However, construction was stopped in 1998, leaving the park uncompleted. An Feng, the chief inspector of the investment supervision department of Reignwood Group, said that construction was suspended because most land covered by the park is forestry land, and the policy to protect such land changed after major floods in 1998, forcing the company to review its plans. Even though the park was unfinished, the fairytale castles there and other facilities still attracted many visitors every year. Demolishment operations started on April 20 and most buildings are now gone. There are only some foundations left. “In 2005, the local government of Changping district got the usage rights for part of the land covered by the park back when it was doing the planning for its new town. However, we can use only 15 hectares now,” An said. “A comprehensive luxury product supermarket will be built on the site, but we are still going through the planning permission formalities,” An added.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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