Universal has announced that its multi-billion dollar theme park development in Beijing, China, will open in 2021.

Set to be the largest Universal theme park in the world, Universal Beijing is a CN¥50bn (US$7.4bn, €6.7bn, £5.9bn) joint venture with the Beijing Shouhuan Cultural Tourism Investment Company – a consortium of five Beijing state-owned enterprises.

The park will feature a number of Universal IPs, with the likes of Harry Potter, Minions, Jurassic World and Kung Fu Panda all expected to be a part of the venture. Universal has also confirmed plans to include experiences reflecting China's cultural heritage.

In its first phase, the development will feature the new Universal theme park, the world’s first Universal-themed resort hotel and CityWalk – a retail, dining and entertainment complex. The second phase of development will include a second theme park, a waterpark and five more resort hotels.

"This is a gift in advance for the 70th anniversary of the founding of the People’s Republic of China," said the company in a post on Weibo.

"Please expect the grand opening of the Universal Beijing Resort in 2021."

The project was initially given the green light by the National Development and Reform Commission in September 2014. It had been scheduled to open this year but was pushed back to 2021 after the scope of the project increased.

The park will be Universal’s fourth theme park in Asia, following the well-established sites in Japan and Singapore and the forthcoming Universal Studios park in South Korea. The company also recently announced Epic Universe – its largest-ever investment into the lucrative Florida marketplace.