Dream Space Water Park (formerly Six Flags Chongqing)
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The area of Bishan District in Chongqing that was supposed to be "Chongqing Riverside Themed Town" has been renamed to "Yuquan Lake Digital Culture and Tourism Industrial City" (玉泉湖国家级数字娱乐产业园). Most of the land designated for the Six Flags theme parks is no longer designated as such, except for the waterpark land (probably because construction had already started on that).

The Bishan government is soliciting planning and design proposals for this development.



Source: http://www.bishan.gov.cn/zwgk_241/gsgg/gsgg/202102/t20210202_8856316.html

According to Guancha Syndicate, a Chinese news site, Six Flags Chongqing was eventually taken over by the Chongqing Municipal Government. Riverside Group had only provided operation management and the Six Flags brand. In addition, someone at Riverside Group admitted in an interview that the Chongqing project has indeed transferred part of its equity to State-Owned Assets Supervision and Administration Commission (“SASAC”) of the Chongqing Municipal Government.

Source: https://www.guancha.cn/economy/2020_09_25_566361_3.shtml

First look at what was going to be Six Flags Adventure Park in Chongqing:











The park is described by Six Flags as the following:

For the more daring enthusiasts, Six Flags Adventure Park will be the ultimate in high adrenaline, action-packed thrills. From motocross bicycle races along rugged terrain, to whitewater rafting to zip lining or rock climbing hundreds of feet above the ground, guests will have the opportunity to reach beyond their comfort zone and safely push the boundaries of self-discovery in a beautiful, natural environment. Six Flags innovation will be on full display in the design of the various challenges and attractions throughout the park. Six Flags Adventure Park will be a thrilling new addition to the Six Flags Chongqing entertainment lineup.

Sources: https://investors.sixflags.com/news-and-events/press-releases/2017/10-26-2017-120135094 and https://www.ucmd.com.cn/en/our-projects/

'The Paper', a Chinese news publication, today came out with an in-depth article about Six Flags in China including the history of the developments and the current status of the parks

Here's a couple key points from the article:

- Sunac is confirmed to have taken over the parks in Chongqing as well as the already confirmed parks in Zhejiang.
- At least one unspecified Six Flags park in Chongqing (assumed to be the waterpark which has already begun slide installation) is scheduled to open in 2021.

Source: https://www.thepaper.cn/newsDetail_forward_8040513

WhiteWater slide pieces ready to be installed soon at Six Flags Hurricane Harbor in Chongqing



Source: https://www.instagram.com/p/B_AycwwhkiV/

On April 8 waterslide installation inexplicably began on Six Flags Hurricane Harbor waterpark in Chongqing. It's unclear who is paying for this installation and what the plan is...









Source: https://mp.weixin.qq.com/s/HT3zGjo5saTbC2ZdTi23Lw

Sad photos and a video showing the state of Six Flags Hurricane Harbor waterpark in Chongqing

Video showing the WhiteWater slide pieces sitting in a lot - https://www.weibo.com/tv/v/IxWhGeTnc?fid=1034:4480888612782117

















Source: https://m.weibo.cn/status/4480856736982282

Thanks. It looks like Six Flags will be taking a "one time" loss on the development in their 4th quarter of 2019.

Any idea how much of an investment Six Flags has made thus far? Or is the capital investment all Riverside's and it's a royalty/franchise type arrangement?

We finally have an official statement from Six Flags acknowledging the issues that Riverside is experiencing:

The development of the Six Flags-branded parks in China has encountered continued challenges and has not progressed as Six Flags Entertainment Corporation (the 'Company') had expected. The Company's partner in China, Riverside Investment Group ('Riverside'), continues to face severe challenges due to the macroeconomic environment and the declining real estate market in China. This has led Riverside to default on its payment obligations to the Company and, as such, the Company has delivered formal notices of default under its agreements. While the Company continues to work with Riverside and each of Riverside's governmental partners, the eventual outcome is unknown and could range from the continuation of one or more projects to the termination of all the Six Flags-branded projects in China.

Source: https://otp.tools.investis.com/clients/us/sixflags1/SEC/sec-show.aspx?Type=html&FilingId=13839504&CIK=0000701374&Index=10000

This situation which has been building up throughout 2019 does not only affect Six Flags and Riverside Group but also many ride suppliers. In the future, there is potential for other Chinese developers to take over the in development parks from Riverside and rebrand them to something without Six Flags.