Universal Studios has reportedly signed a deal with the Zhuhai government in China to invest CN¥15bn (US$2.43bn, €1.81bn, £1.44bn) in a city theme park.

Chinese property website Guandian.cn reports that the park, to be located in Doumen district, Zhuhai, will cover 10sq km (3.8sq m) and looks likely to be the decided location for a Universal theme park in China, battling off competition from the city of Shanghai, though whether plans for a second park Beijing are still on track remain uncertain.

Universal Studios has been seeking opportunities to enter the Chinese market since 2001, although past attempts have not been a great success.

Both Beijing and Shanghai entered advanced negotiations with the company, with those deals advancing as far as setting up preparatory groups and reserving sites for the project.

The Shanghai negotiations fell through in 2012 when the local company coordinating the project listed itself for sale on the stock market.

Universal Studios then turned its attention to Beijing for an investment thought to be around the CN¥12.3bn (US$2bn, €1.5bn, £1.2bn) mark, with a terminal of the city’s metro line even being renamed “Universal Studios station”, although nothing has ever been officially confirmed.

Reports suggest that demolition of existing structures and site clearing on the Beijing site has already begun, with a goal of opening the park in 2018. The Beijing government however has played down these reports saying there was no guarantee the theme park would get the green light.

A new China park from either Beijing or Zhuhai would be the company's fourth in Asia, following the well-established sites in Japan and Singapore and the forthcoming Universal Studios park in South Korea.