SHANGHAI (AFX) - China has approved the construction of a five bln yuan theme park in Tianjin using licensed characters from Viacom Inc's Paramount Pictures film studio and Nickelodeon Children's Network, the Shanghai Daily reported.

'The central government just approved the project,' Hao Shouyi, deputy head of Tianjin's Binhai New Area told the paper.

'We will have a better idea as to when the construction will begin after we finalize our development plan.'

Viacom Inc, which will not invest in the park, will receive licensing fees from the Tianjin Economic Development Authority, Jeremy Zweig, a spokesman for the company said in April.

The report did not say who the other investors would be.

Walt Disney Co, the second-largest US media company, has said it is in talks to build its first mainland park, possibly in Shanghai.

Disney opened a park in Hong Kong last year.
Source : Forbes