Guiyang, the capital city of the Guizhou province in southwest China, has unveiled plans to open a new virtual reality (VR) theme park in which guests will have the opportunity to experience the new exciting world of immersive technology.

According to a report by China Daily, the theme park called "East Valley of Science and Fantasy" is part of a project led by Shanghai-based Shuimu Animation Co Ltd, which is the animation division of China's Oriental Times Media Corporation.

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Oriental Times Media Corporation is in the business of manufacturing and exporting "digital measuring instruments", while Shuimu Animation produces animated cartoons for the Chinese audience. The project is said to encompass 1.3 square kilometers of space and is worth $1.52 billion (10 billion Yuan).

According to Shuimu Animation, the new theme park is expected to have a media research and development at its center which will focus entirely on VR movie making. Chairman Shi Xiangdong of Shuimu Animation said the park will offer its guests VR headsets on site in which they will have a chance to experience a more interactive, immersive and realistic "feeling than video games". Mr. Xiangdong added that the park will also include 13 new structures for UFOs and the country's first VR roller coaster.

In China, the local VR market was said to be worth around $230 million in 2015 and is expected to reach over $860 million in 2016 and about $8.5 billion by the year 2020, according to iResearch Consulting Group. The technology is becoming very popular in China as many Chinese companies - such as Huawei and ZTE - have begun entering the market. In April, Huawei launched the Huawei VR headset, while ZTE just recently unveiled the ZTE VR alongside the Axon 7 smartphone in Beijing.

TagsVirtual Reality VR China, Virtual Reality Theme Park Guizhou Guiyang China, VR Roller Coaster