Hangzhou Bay Sunac Tourism City
Hangzhou Bay Sunac Tourism City (Previously known as Six Flags Zhejiang) is an under construction theme park and entertainment complex in Jiaxing, Zhejiang, China; approximately 45 miles from downtown Shanghai. The project was announced by the Six Flags Entertainment Corporation in 2015 as part of the company's bid to open a multitude of parks in China. In February 2020, Six Flags dropped out on the project after their partner Riverside Investment Group encountered financial turmoil and were unable to pay their debts. In June 2020, Sunac China Holdings took over the project and had  the Sunac Water Park opened in June 2021. The complex is expected to open in stages – with the rebranded Sunac Land theme park due to open in late 2022 – and be completed by 2025. History. Development (Six Flags). Six Flags first announced their intention on June 23, 2014 to develop new Chinese theme park projects in a partnership with real estate developer Riverside Investment Group. Their first location was confirmed as Six Flags Zhejiang in September 2015 to open in Haiyan County, Zhejiang, and the development held its official groundbreaking ceremony on January 4, 2016. The park would be divided  into several zones, many themed after various existing Six Flags parks; Thrillseeker Plaza, Magic Mountain, Great Adventure, Fiesta Texas, Waterfront Square, and the later-announced Garfield Beach. At the time, the project's total budget was pegged at an estimate of $4.6 billion USD, with anticipations to open the main Six Flags Zhejiang theme park by 2019. On December 19, 2016, Six Flags and Riverside announced plans to debut a Hurricane Harbor waterpark adjacent to Six Flags Zhejiang, and it was later revealed that the waterslides would be supplied by Richmond-based WhiteWater West. Original timeline estimates for the  waterpark held it as the first phase of the resort, in which it was projected to open in June 2020. The development held the grand opening of the Zhejiang Riverside Themed Town Exhibition preview centre on August 4, 2017. On October 26, 2017, Six Flags and Riverside confirmed that a second gate children's park – Six Flags Kids World – was being developed next to the Six Flags Zhejiang park. Multiple IP's were contracted to be featured at the parks during development. In May 2017, the partners announced that they had acquired the rights from Paws, Inc. to theme the  children's areas at Six Flags Zhejiang and Chongqing after the "Garfield" franchise. Speaking about the project, Garfield’s creator Jim Davis iterated, “This is a great opportunity for Garfield to entertain families and children. Six Flags and Riverside have an extraordinary project planned and to have our characters featured is an incredible honor.” At the annual IAAPA Orlando Expo in November 2019, Sally Dark Rides unveiled the "Garfield's Underwater Adventure" dark ride that was planned to debut within a "Garfield Beach" area at both parks, which included a mixture of animatronics and projection screens. In March 2018, it  was confirmed that dark rides based on the Tuzki illustrated character would debut at the Zhejiang and Chongqing parks. Challenges and cancellation. Six Flags' Chinese projects were hit by numerous delays in their construction and implementation throughout the development period. On February 14, 2019, Six Flags announced delays of its Chinese parks' opening timelines amid a declining real estate economy and a fourth-quarter revenue roughly $15 million lower than anticipated, leading shares to drop significantly. In an earnings call on October 23, 2019, then-CEO Jim Reid-Anderson stating, "Part of it is our partner, part of it  is the economy, part of it is the local government saying this is when we can have everything ready for you in order to be able to open a park". Six Flags also noted a significant decrease in international sponsorship fees. In late 2019, reports surfaced that Six Flags’ partner Riverside Group – known by their Chinese alias "Shanshui Wenyuan" – was encountering financial trouble amid a declining real estate market. Local publications discovered that construction on the Six Flags Zhejiang site had been suspended earlier in the year, with no progress having taken place in months. Documents began circulating in December  that Riverside would lay off a majority of its employees, aiming to retain only 65 individuals out of their 754-strong headquarters workforce, in which the remaining members would only receive 30% of their salary between January 1 and June 1 of 2020. On December 22, trading was halted on their stock due to a widespread contract dispute. On January 10, 2020, Six Flags disclosed that, “The development of the Six Flags-branded parks in China has encountered continued challenges and has not progressed as expected”, as well as revealing that Riverside had defaulted on its payments to the company . Six Flags warned of a fourth-quarter revenue shortfall and as a result, a possible cancellation of the projects. The announcement led their shares on the New York Stock Exchange to drop 19% to a five-year low of $35.28 per share – intraday levels not seen since October 2014. In February 2020, amid the then-emerging COVID-19 pandemic, Six Flags formally terminated their Chinese projects, leaving the projects in limbo and the Six Flags Zhejiang site abandoned. A class action lawsuit was filed against Six Flags by investors on February 12, 2020, alleging that the company had misled investors  on the progress of their Chinese properties between April 2018 and their warning in January 2020. The lawsuit was dismissed by a federal court in March 2021 on the basis of prejudice. Project revival (Sunac). On June 2, 2020, developer Sunac China signed an agreement with the government of Haiyan County to take over the suspended Six Flags Zhejiang project, with the intention of constructing four theme park/waterpark gates, a business quarter, and a hotel. Work on the mostly-constructed waterpark was completed, and the rebranded Sunac Water Park held its official grand opening on June 26, 2021. Construction  resumed in 2020 on the Sunac Land theme park following modifications to the Six Flags/Riverside plans, and the park is currently expected to open in late 2022. A third development, the Sunac Snow World indoor ski slope, officially broke ground on October 18, 2021, and is anticipated to open in 2024. Sunac Land. Originally known as Six Flags Zhejiang, the project was first announced in 2015, with an original opening date set for June 2019. Although groundbreaking on the resort had occurred in January 2016, construction of the actual theme park formally began on May 1, 2017. Upon Sunac 's takeover of the project, the park was rebranded as Sunac Land, and as of December 2021 is well under construction. The park is currently anticipated to debut in late 2022. Sunac Water Park. Originally known as Six Flags Hurricane Harbor Zhejiang, the waterpark was formally announced on December 19, 2016. Construction formally began in a ceremony on June 23, 2018, and waterslide pieces began arriving soon after. After the project was taken over by Sunac, the newly-rebranded Sunac Water Park held its official grand opening on June 26, 2021. The waterpark spans an area of and features more  than 27 waterslides (18 unique attractions). All of the park's waterslides were provided by WhiteWater West. Other attractions. In addition to the above attractions, a pair of 4-person raft slides were also purchased from WhiteWater West, but ultimately not constructed.