Sanrio Co., the Japanese maker of Hello Kitty character goods, has agreed to work with a Chinese company to build a theme park in eastern Zhejiang province, the company said Monday.
Sanrio will license the use of its Hello Kitty characters to a closely held company in Zhejiang that plans to open a 95,000-sq.-meter theme park in 2014, Hideo Yamaguchi, a Sanrio spokesman, said over telephone.
"The potential for growth is in Asia," he said. "This agreement means a lot for Sanrio, as it will broaden our licensing business."
Sanrio, founded in 1960 by Shintaro Tsuji, is known for its range of stationery, gifts and accessories bearing the Hello Kitty and Badtz-Maru characters. The Tokyo-based company follows Walt Disney Co., which is building a $4.4 billion resort in Shanghai, in seeking to attract increasingly affluent Chinese to spend on rides and souvenirs.
Construction is reportedly expected to begin in July.
